ECB and People's Bank of China Strengthen Bilateral Cooperation Agreement
New memorandum enhances communication and technical collaboration between Europe's and China's central banks.
Brussels – The European Central Bank (ECB) and the People's Bank of China (PBoC) have renewed and expanded their cooperation by signing a memorandum of understanding aimed at enhancing bilateral communication and technical collaboration.
This agreement updates a previous protocol established in 2008, which included provisions for staff exchanges and regular information sharing.
The signing took place during ECB President Christine Lagarde's recent visit to Beijing, where she met with PBoC Governor Pan Gongsheng.
This meeting resulted in the formalization of the new memorandum, underscoring the commitment of both institutions to deepen their collaboration in the central banking sector.
This renewed cooperation framework follows nearly two decades of Sino-European central bank collaboration, beginning with a significant bilateral local currency swap agreement in 2013. This agreement was designed to support bilateral economic and trade relations by creating a liquidity support mechanism to foster the growth of the Chinese and European financial markets.
The recent memorandum of understanding was signed in a context characterized by evolving and increasingly unpredictable Euro-Atlantic relations.
The text emphasizes the importance of maintaining an open channel of dialogue and reflects a commitment to sustaining and enhancing bilateral ties.
Christine Lagarde's remarks during the signing suggested a focus on ongoing dialogue, highlighting the strategic relationship between the ECB and the PBoC amidst changing global economic dynamics.
This agreement updates a previous protocol established in 2008, which included provisions for staff exchanges and regular information sharing.
The signing took place during ECB President Christine Lagarde's recent visit to Beijing, where she met with PBoC Governor Pan Gongsheng.
This meeting resulted in the formalization of the new memorandum, underscoring the commitment of both institutions to deepen their collaboration in the central banking sector.
This renewed cooperation framework follows nearly two decades of Sino-European central bank collaboration, beginning with a significant bilateral local currency swap agreement in 2013. This agreement was designed to support bilateral economic and trade relations by creating a liquidity support mechanism to foster the growth of the Chinese and European financial markets.
The recent memorandum of understanding was signed in a context characterized by evolving and increasingly unpredictable Euro-Atlantic relations.
The text emphasizes the importance of maintaining an open channel of dialogue and reflects a commitment to sustaining and enhancing bilateral ties.
Christine Lagarde's remarks during the signing suggested a focus on ongoing dialogue, highlighting the strategic relationship between the ECB and the PBoC amidst changing global economic dynamics.
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