The Qatar Central Bank (QCB) and the People's Bank of China (PBOC) have signed an agreement to extend their local currency swap arrangement, according to lesmre.com. The arrangement is aimed at promoting trade and direct investment between the two countries. The report described the deal as the third extension of the swap agreement between the two central banks.
Governors sign on the sidelines in Bangkok
The agreement was signed by Sheikh Bandar bin Mohammed bin Saoud Al Thani, Governor of Qatar Central Bank, and Pan Gongsheng, Governor of the People's Bank of China, according to lesmre.com.
They signed it on the sidelines of the 2026 Annual Meetings of the International Monetary Fund and the World Bank Group. The meetings are being held in Bangkok, Thailand, from 12 to 18 October.
Swap dates back to 2014
According to lesmre.com, the swap agreement was originally signed in 2014. It was first extended in 2017.
The agreement was subsequently renewed in 2021, the report said. The latest deal is the third extension of the arrangement.
Related: Qatar Central Bank raises three policy rates by 25 basis points
Source: gulf-times.com