The People’s Bank of China renewed a bilateral local currency swap agreement with the Central Bank of Iceland, with the signing taking place during the International Monetary Fund and World Bank Annual Meetings. The renewal is intended to strengthen bilateral financial cooperation, support trade and economic exchanges between the two countries, and help maintain financial stability. The swap line is sized at CNY 3.5 billion or ISK 70 billion and will remain effective for five years. Governor Pan Gongsheng linked the renewal to the long-standing cooperative relationship between China and Iceland and positioned it as a basis for deeper bilateral financial cooperation.
Central Bank of the Republic of China 2025-10-15
People’s Bank of China renews local currency swap agreement with the Central Bank of Iceland for CNY 3.5 billion and ISK 70 billion
The People's Bank of China renewed a bilateral local currency swap agreement with the Central Bank of Iceland, valued at CNY 3.5 billion or ISK 70 billion, for five years. Signed during the IMF and World Bank Annual Meetings, the renewal aims to enhance financial cooperation and support trade and economic exchanges. Governor Pan Gongsheng emphasized the agreement's role in maintaining financial stability and deepening the cooperative relationship between China and Iceland.