The Central Bank of Egypt (CBE) hosted Pan Gongsheng, Governor of the People’s Bank of China (PBOC), to explore deeper central bank cooperation and mechanisms for exchanging technical expertise. Discussions covered the existing local currency swap agreement, local-currency payment settlement, Panda Bond issuance and potential connectivity between the two countries’ payment systems, alongside ways to strengthen the presence of banks in both markets and support bilateral investment flows. After the meeting, the two governors witnessed the signing of three cooperation agreements. These included an MoU between Suez Canal Bank, China-Africa “TEDA” Investment Company and CIPS Company Limited to promote the use of the Chinese yuan in the China-Egypt Suez Economic and Trade Cooperation Zone, an MoU between UnionPay International and the Egyptian Banks Company for Technological Advancement to strengthen electronic payments infrastructure and expand UnionPay card acceptance across Egypt’s POS and e-commerce channels, and a cooperation protocol between UnionPay and Paymob to promote electronic acceptance services for Paymob-partnered businesses and websites for UnionPay cardholders.
Central Bank of Egypt 2025-07-10
Central Bank of Egypt hosts People’s Bank of China governor and oversees MoUs to expand yuan settlement and UnionPay payments
The Central Bank of Egypt and the People’s Bank of China discussed enhancing central bank cooperation, focusing on local currency swap agreements, payment system connectivity, and bilateral investment flows. The meeting concluded with the signing of three cooperation agreements, including MoUs to promote the use of the Chinese yuan in the China-Egypt Suez Economic and Trade Cooperation Zone and to expand UnionPay card acceptance in Egypt.