The People's Bank of China and the Central Bank of Egypt sign a memorandum of understanding on bilateral financial cooperation, promoting local currency settlement and collaboration in the central bank digital currency and digital innovation fields.

According to the website of the People's Bank of China, on July 10, under the joint witness of Chinese Premier Li Keqiang and Egyptian Prime Minister Mostafa Madbouly, Pan Gongsheng, Governor of the People's Bank of China, and Hassan Abdelmeguid, Governor of the Central Bank of Egypt, signed the "Memorandum of Understanding between the People's Bank of China and the Central Bank of Egypt on Bilateral Financial Cooperation, Promoting Local Currency Settlement, and Cooperation in the Field of Central Bank Digital Currency and Digital Innovation". This memorandum aims to strengthen bilateral financial cooperation, including business exchanges and information sharing in areas such as monetary policy framework, financial markets, and payment systems; enhance cooperation in local currency settlement to promote the use of local currencies in bilateral current account transactions and direct investments; strengthen cooperation in central bank digital currency and digital innovation, including information exchange, project cooperation, etc. This arrangement will help strengthen exchanges and cooperation between the regulatory authorities of both sides and policy coordination, creating a better environment for further unleashing the potential of financial cooperation between the two countries.