The People's Bank of China signed a memorandum of understanding with the Central Bank of Egypt covering bilateral financial cooperation, promotion of settlement in local currencies, and cooperation in central bank digital currency (CBDC) and digital innovation. The MoU provides for business exchanges and information sharing across areas including monetary policy frameworks, financial markets and payment systems. It also aims to increase the use of local currencies in current account transactions and direct investment between the two countries, and to support CBDC and digital innovation cooperation through information exchange and project collaboration. During the visit, the two central bank governors also discussed economic and financial conditions, monetary policy and avenues for further cooperation, including local currency swap and settlement arrangements, payment system connectivity, financial market investment and financing, and mutual establishment of financial institutions. Separately, China UnionPay and the Cross-border Interbank Payment and Clearing company signed MoUs with Egyptian partners to enhance UnionPay’s payment service capabilities in Egypt and to encourage banks in the China-Egypt TEDA Suez Economic and Trade Cooperation Zone to use the Cross-Border Interbank Payment System for cross-border renminbi business.
Central Bank of the Republic of China 2025-07-11
People's Bank of China signs MoU with Central Bank of Egypt to expand local currency settlement and CBDC cooperation
The People's Bank of China and the Central Bank of Egypt signed a memorandum to enhance financial cooperation, focusing on local currency settlements and CBDC innovation. The agreement includes business exchanges, information sharing, and aims to boost local currency use. Additionally, China UnionPay and the Cross-border Interbank Payment and Clearing company signed agreements with Egyptian partners to expand payment services and promote cross-border renminbi transactions.