Beijing: The People's Bank of China (PBOC), China's central bank, announced that it has signed a memorandum of understanding with the Central Bank of Egypt, aiming to enhance bilateral financial cooperation. The agreement includes promoting the settlement in local currencies and collaborating on central bank digital currencies and digital innovation.

According to Namibia Press Agency, Pan Gongsheng, governor of the PBOC, highlighted the increasing pace of financial and economic ties between China and Egypt, noting a steady rise in bilateral trade. In light of external uncertainties, the two central banks are set 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.

These initiatives are expected to offer more efficient and convenient services for enterprises in both countries, particularly in trade, investment, and financing. The efforts are also aimed at further consolidating and deepening the China-Egypt comprehensive strategic partnership.