On the sidelines of the bimonthly meetings of governors held by the Bank for International Settlements (BIS) on September 7th and 8th, 2025, Pan Gongsheng, Governor of the PBOC, renewed bilateral currency swap arrangements respectively with Christine Lagarde, President of the ECB, Martin Schlegel, Chairman of the SNB, and Mihály Varga, Governor of the MNB. They also exchanged views on international economic and financial developments and bilateral financial cooperation.

The size of the PBOC-ECB swap is RMB 350 billion/Euro 45 billion, and the agreement is valid for three years. The size of the PBOC-SNB swap is RMB 150 billion/Swiss Franc 17 billion, and the agreement is valid for three years. The size of the PBOC-MNB swap is RMB 40 billion/Forint 1,900 billion, and the agreement is valid for five years.

The renewal of above bilateral currency swap arrangements will further deepen monetary and financial cooperation between China and the relevant economies, facilitate bilateral trade and investment, and support the stability of financial markets.

Governor Pan Gongsheng extends bilateral currency swap arrangement with Christine Lagarde, President of the ECB

Governor Pan Gongsheng extends bilateral currency swap arrangement with Martin Schlegel, Chairman of the SNB

Governor Pan Gongsheng extends bilateral currency swap arrangement with Mihály Varga, Governor of the MNB