Central banks of China, Egypt vow to deepen financial cooperation

BEIJING, July 11 (Xinhua) -- The People's Bank of China (PBOC), China's central bank, said Friday that it signed a memorandum of understanding with the Central Bank of Egypt on Thursday, under which the two sides will strengthen bilateral financial cooperation, promote settlement in local currencies, and collaborate in the areas of central bank digital currencies and digital innovation.

Pan Gongsheng, governor of the PBOC, noted that financial and economic ties between China and Egypt are gathering pace, with bilateral trade rising steadily.

In the face of external uncertainties, the two central banks should continue to deepen practical collaboration in areas such as local-currency swaps and settlements, connectivity of payment and settlement systems, investment and financing in financial markets, and the establishment of financial institutions in each other's countries, Pan said.

These efforts will provide more efficient and convenient services for enterprises of both countries in terms of trade, investment and financing, and will further consolidate and deepen the China-Egypt comprehensive strategic partnership, he added.