BEIJING: China will encourage companies to increase their use of yuan for settling cross-border trade deals and support foreigners’ use of the currency for direct investments in the country, the central bank said on Friday.
Beijing has been promoting the international use of the yuan since 2009, and yuan settlement accounted for 16.9 percent of China’s total goods trade in 2016.
A set of moves unveiled Friday will help “improve policies on yuan cross-border businesses, create a sound business environment and serve the ‘Belt and Road’ initiative,” the People’s Bank of China (PBOC) said in a statement on its website.
Banks are encouraged to innovate their financial products to help companies settle trade deals in yuan, the central bank said.
The PBOC told Chinese banks to allow foreign investors to freely remit their yuan-denominated profits and dividends.
Chinese firms will be allowed to transfer their funds raised from overseas bond and stock issuance back home, based on their actual needs, the central bank said.
Beijing will make it easier for Chinese workers involved in “Belt and Road” work abroad to send their earnings back home, and meet workers’ demand for cross-border yuan settlements in wages and social welfare, the central bank said.
It also said China will also allow foreign institutions to use yuan in carbon emissions trading domestically.
China aims to get more cross-border transactions done in yuan
China aims to get more cross-border transactions done in yuan
Arab Energy Fund takes minority stake in Saudi energy firm APSCO
RIYADH: The Arab Energy Fund has acquired a minority stake in Saudi Arabia’s Arabian Petroleum Supply Co., backing one of the Kingdom’s largest private energy solutions providers as it looks to expand across the Middle East and beyond.
The investment initiates a partnership aimed at pursuing opportunities across the Middle East, North Africa, and select international markets, covering APSCO’s core and adjacent business sectors.
The move underscores TAEF’s commitment to investing in established regional leaders while promoting innovation and sustainable growth across the energy value chain.
According to a press release, the transaction marks The Arab Energy Fund’s first investment of 2026, following an active 2025 during which the fund completed several key deals, including investments in Jafurah Midstream Gas Co. alongside BlackRock and in the platform Tagaddod.
Khalid Al-Ruwaigh, CEO of The Arab Energy Fund, commented on the deal, saying: “APSCO represents a unique platform with strong fundamentals and a proven track record in critical energy segments.”
He added: “This investment aligns with our mandate to support high-quality energy and energy-adjacent businesses that are well-positioned to capture growth across the region and beyond.”
The Arab Energy Fund is a multilateral impact financial institution established in 1974 by 10 Arab oil-exporting countries.
Mohammed Ali Ibrahim Alireza, managing director, APSCO, said: “We welcome The Arab Energy Fund as a strategic partner supporting our next phase of growth.”
He added: “As a pioneer in energy solutions for over 60 years, APSCO remains committed to quality, reliability, and innovation, while continuing to contribute to Vision 2030 by enhancing efficiency and minimizing environmental impact.”
The partnership is designed to bolster APSCO’s long-term growth strategy, operational excellence, and geographic expansion, leveraging TAEF’s regional expertise and institutional network.
APSCO is a Saudi energy company with more than 60 years of experience in integrated energy solutions, including aviation fuels, lubricants, and a nationwide automotive retail network.
The company holds long-term partnerships with global energy leaders, including a 60-year relationship with ExxonMobil for lubricant distribution across several Middle Eastern countries. Since 1999, APSCO has also been the exclusive aviation fueling services provider for Saudia.
