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

From September 7th to 8th, 2025, during the meeting of central bank governors at 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, Governor of the Central Bank of Hungary. They also exchanged views on the international economic and financial situation, as well as bilateral financial cooperation. The China-Europe bilateral currency swap agreement is for a scale of 350 billion RMB/45 billion euros, with a validity period of three years. The China-Switzerland bilateral currency swap agreement is for a scale of 150 billion RMB/17 billion Swiss francs, with a validity period of five years. The China-Hungary bilateral currency swap agreement is for a scale of 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 help further deepen bilateral monetary and financial cooperation, promote facilitation of bilateral trade and investment between China and relevant economies, and maintain financial market stability.