CBE, People's Bank of China sign MoU to boost financial cooperation

Updated 7/13/2025 6:58:00 AM

Arab Finance: The Central Bank of Egypt (CBE) signed a memorandum of understanding (MoU) with the People's Bank of China (PBoC) to strengthen banking and financial ties between the two countries, according to a press release.

The agreement was inked between Hassan Abdalla, Governor of the CBE, and Pan Gongsheng, Governor of PBoC, to boost collaboration across various areas of mutual interest.

Under the MoU, the two central banks will exchange information and professional expertise, as well as the training and development of staff.

The areas of cooperation include monetary policy, financial markets, e-payments systems, financial and supervisory technologies, and banknote issuance.

Furthermore, the agreement aims to encourage the use of local currency settlements for cross-border financial and trade transactions, in addition to facilitating direct investments between the two countries to foster economic integration.

The deal, which also covers deepening cooperation on Central Bank Digital Currencies (CBDC), backs financial innovation by leveraging advanced technology through conducting joint research and studies, as well as exchanging technical information and expertise.

“This MoU reflects the evolution of the historic ties between Egypt and China. It demonstrates both institutions’ commitment to strengthening partnerships between their respective financial institutions in light of global economic developments,” Abdalla stated.

He also indicated that this step is expected to “elevate economic cooperation to more advanced and effective levels.”

For his part, Pan said: “The signing of this MoU marks a pivotal step in advancing economic relations between Egypt and China.”

“This agreement will facilitate the sharing of best practices and regulatory coordination in both jurisdictions, creating an enabling environment to unlock the greater potential of bilateral financial cooperation,” he added.