The People's Bank of China renewed bilateral currency swap agreements with the European Central Bank, Swiss National Bank, and Hungarian National Bank.

On September 7th and 8th, 2025, during the meeting of central bank governors of the Bank for International Settlements, Pan Gongsheng, Governor of the People's Bank of China, signed bilateral currency swap agreements with Christine Lagarde, President of the European Central Bank, Thomas Jordan, President of the Swiss National Bank, and Gyrgy Matolcsy, President of the Central Bank of Hungary, respectively. They also exchanged views on the international economic and financial situation, as well as bilateral financial cooperation. The scale of the China-EU bilateral currency swap is 350 billion RMB/45 billion euros, with a validity period of three years. The scale of the China-Switzerland bilateral currency swap is 150 billion RMB/17 billion Swiss francs, with a validity period of five years. The scale of the China-Hungary bilateral currency swap is 40 billion RMB/1.9 trillion Hungarian forints, with a validity period of five years. The renewal of the above-mentioned bilateral currency swap agreements will further deepen bilateral monetary and financial cooperation, promote bilateral trade and investment facilitation between China and the relevant economies, and maintain financial market stability. This article is excerpted from the official website of the People's Bank of China, and edited by GMTEight: Jiang Yuanhua.