This is the best summary I could come up with:

The swap agreement, which will be valid for three years and can be extended by mutual agreement, “will help strengthen financial cooperation… expand the use of local currencies… and promote trade and investment,” between Riyadh and Beijing, the statement from China’s central bank said.

China imported $65 billion worth of Saudi crude in 2022, according to Chinese customs data, accounting for about 83% of the kingdom’s total exports to the Asian giant.

Russia remained China’s top oil supplier in October despite higher prices for Russian crude, with Saudi imports down 2.5% from the previous month as it continued to restrict supply.

“China seems to be using swap lines in a very different way to the U.S.,” said Weitseng Chen, associate professor at the National University of Singapore.

“(China) uses it as a credit line, so it’s on a constant basis, instead of a one-time, one-off thing during a financial crisis.”

Argentina in October activated a currency swap line with China for the second time in three years to the tune of $6.5 billion to help increase its depleted foreign currency reserves in the midst of a major economic crisis, with annual inflation above 130% and central bank dollar reserves hitting negative levels.

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