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China’s Central Banker: China Will Continue Promoting Currency Swaps with Other Countries

On March 27th, at the 2024 Boao Forum for Asia Annual Conference, Pan Gongsheng, Governor of the People’s Bank of China, stated that the People’s Bank of China will continue to promote currency swaps and currency cooperation with Asian economies to maintain regional financial stability.

Currency swap agreements can not only promote the use of a country’s own currency in partner countries, but can also enable reduced reliance on the US dollar. China has signed agreements with ASEAN member states, Japan, and South Korea under the Chiang Mai Initiative. “Currently, the bilateral currency swap scale within ASEAN and the ASEAN+3 (China, Japan, South Korea) framework has exceeded 380 billion US dollars,” said Pan.

According to Pan, the People’s Bank of China has signed bilateral currency swap agreements with central banks or monetary authorities from 29 countries and regions, with a total currency swap scale exceeding 4 trillion Yuan (US$ 553.49 billion).

Source: VOA, March 27, 2024