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

On August 18, Pan Gongsheng, Governor of the People’s Bank of China (PBOC), met with visiting Bank of Thailand Governor Sethaput Suthiwartnarueput. The two sides exchanged views on the global economic and financial situation, as well as Sino-Thai bilateral financial cooperation. 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 on the Bilateral Local Currency Swap Agreement Between the People’s Bank of China and the Bank of Thailand (RMB/THB). The swap arrangement is set at 70 billion yuan/370 billion Thai baht, with a validity period of five years, renewable upon mutual agreement.

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, promote bilateral trade and investment facilitation, and maintain financial market stability.