The People's Bank of China said the deal "will help strengthen financial cooperation" and "expand the use of local currencies"

China's muted diplomatic stance - calling for de-escalation but stopping short of condemning Hamas - has also added to investors' nervousness

As trading started in Asia on Monday, investors were seen flocking to safe haven assets like gold, the dollar and US Treasuries, while equities and currencies across the region fell

The sweeping deal aims to link South Asia and the Middle East to help the flow of energy and trade from the Gulf to Europe

Cooperation between Riyadh and Beijing has deepened in security and sensitive tech amid a warming of political ties

Many investors from Greater China are heading to the Gulf this week eyeing fundraising and investment opportunities amid the global economic slowdown and geopolitical tensions with the US

Saudi Arabia, UAE and Qatar—key members of the Organization of the Petroleum Exporting Countries—have remained hesitant to increase oil and gas exports

Tehran envoy Ali Chegeni said if both nations restart their rupee-rial trade, bilateral trade could surpass $30 billion

Beijing signed deals totalling $10.5 billion in new construction contracts in Iraq last year, part of its greater engagement towards the Middle East