China's banks have been instructed to carry out a dollar bond sale in Saudi Arabia, which will be their first issuance in US currency since 2021. This is part of a wider strategy to engage with international markets and diversify funding sources.

This move reflects China's ongoing efforts to strengthen its financial ties in the region and expand its presence in global capital markets.

The Ministry of Finance has enlisted a consortium of Chinese, international, and Middle Eastern banks to facilitate the offering, which will include 3-year and 5-year notes under the 144A and Regulation S frameworks.