PBOC Governor Pan Gongsheng Meets with Bank of Thailand Governor Sethaput Suthiwartnarueput and Renews Bilateral Currency Swap Agreement

On August 18, People’s Bank of China (PBOC) Governor Pan Gongsheng met with visiting Bank of Thailand Governor Sethaput Suthiwartnarueput. The two sides exchanged views on global economic and financial developments, as well as bilateral financial cooperation between China and Thailand. PBOC Deputy Governor Xuan Changneng attended the meeting.

Approved by the State Council, Pan Gongsheng and Sethaput Suthiwartnarueput signed the Third Renewal and Amendment Agreement of the Bilateral Local Currency Swap Agreement between the People’s Bank of China and the Bank of Thailand, with a swap scale of RMB 70 billion/THB 370 billion. The agreement is valid for five years and can be renewed upon mutual consent.

The renewal of the bilateral local currency swap agreement between the PBOC and the Bank of Thailand will help further deepen monetary and financial cooperation between the two countries, facilitate bilateral trade and investment, and maintain financial market stability.