Core Insights - The People's Bank of China (PBOC) has been actively deepening foreign currency financial cooperation by signing bilateral currency swap agreements with multiple foreign central banks, enhancing the international use of the Renminbi [1][3] Group 1: Bilateral Currency Swap Agreements - In 2023, the PBOC has signed or renewed bilateral currency swap agreements with eight foreign central banks, including the European Central Bank and the Bank of Thailand [1] - As of September 30, 2023, the PBOC has established effective bilateral currency swap agreements with 32 countries and regions, covering major economies across Asia, Europe, Africa, the Americas, and Oceania [3] Group 2: Benefits of Currency Swaps - Bilateral currency swaps facilitate cross-border trade and investment, allowing businesses to settle transactions directly in their local currencies, thus avoiding the complexities and costs associated with converting currencies through the US dollar [2][4] - For companies operating overseas, currency swaps enable them to secure local currency funding, allowing for direct pricing and settlement in Renminbi or the local currency, which stabilizes costs and profits [5] Group 3: Economic Impact - The expansion of currency swap agreements is expected to enhance the international recognition of the Renminbi, contributing to its acceptance in global markets [6] - The ongoing development of these agreements is seen as a crucial part of the global financial safety net, promoting financial autonomy and stability among participating countries [6]
央行已与32个国家和地区签署本币互换协议 对我国经济有何作用
Ren Min Ri Bao·2025-10-13 00:23