Pan Gongsheng, Governor of the People’s Bank of China (PBOC) met with Ásgeir Jónsson, Governor of the Central Bank of Iceland on October 15th, 2025, at the margins of the IMF/World Bank Annual  Meetings. The two governors renewed the bilateral currency swap arrangement, which aims to further deepen monetary and financial cooperation between China and Iceland, facilitate bilateral trade and investment, and support the stability of financial markets. The agreement is valid for five years, at a size of RMB 3.5 billion/Króna 70 billion.

Pan Gongsheng stated that China and Iceland have long maintained friendly and cooperative relations, and the renewal of the bilateral currency swap arrangement will serve as an opportunity to deepen bilateral financial cooperation.