The Shenzhen Stock Exchange 2026 Global Investors Conference was held on May 28, focusing on the theme "Capital Market and Innovation Growth: China's Opportunities Under the 15th Five-Year Plan." Saudi National Bank Capital's International Distribution Head, Eduardo Bernardes, attended and spoke, discussing China-Saudi financial cooperation, the practical implementation of RMB internationalization, and bilateral investment and financing cooperation opportunities. His remarks signaled a clear intent from Saudi financial institutions to increase their presence in the Chinese market and deepen bilateral financial connectivity.
Eduardo Bernardes first stated that Saudi National Bank Capital is a leading Saudi bank, held by several state-owned enterprises. The bank recognizes the global value of China's economy, viewing China as a highly dynamic and irreplaceable part of the global economy. With global capital continuing to increase allocations to Chinese assets, Saudi Arabia also hopes to participate deeply in China's economic development. He emphasized that financial market connectivity between China and Saudi Arabia holds strong strategic significance. He also pointed out that multiple Chinese industries possess outstanding investment appeal. As China's financial sector continues to open up, the bank aims to establish a presence in the Chinese market, achieve two-way asset allocation between the two countries, and seek high-quality Chinese strategic partners.
Regarding the optimization and practical application of RMB internationalization, Eduardo shared insights based on hands-on experience with the ETF Connect project. He explained that his team previously participated in the Shenzhen Stock Exchange's ETF Connect initiative, attempting to bypass the US dollar and settle directly in RMB. They encountered some practical challenges during the process. Subsequently, by collaborating with the Shenzhen Stock Exchange, B3 (Brazilian Stock Exchange), and local partners to establish foreign exchange agency channels, they successfully implemented direct RMB settlement.
He stressed that current regulations and policies do not restrict cross-border RMB settlement. The core constraint on the wider adoption of RMB internationalization is not policy barriers but rather insufficient cross-border cooperation and connectivity. Various cross-border financial products, including Panda bond issuance, can be settled without using the US dollar. To further advance RMB internationalization, all parties need to enhance their proactive cooperation.
Furthermore, Eduardo revealed that Saudi National Bank Capital manages assets worth $70 billion and also handles large sovereign wealth fund management business, with a diversified asset allocation. The bank has formulated several cross-border investment themes and is willing to build investment and financing bridges to assist Chinese companies in expanding into the Middle East and deploying in emerging industries, continuously exploring the potential for bilateral financial cooperation between China and Saudi Arabia.