Chinese, European central banks pledge closer cooperation

The Chinese and European central banks have pledged to enhance cooperation against the backdrop of a complex and volatile international landscape.

Pan Gongsheng, governor of the People's Bank of China (PBOC), and Christine Lagarde, president of the European Central Bank (ECB), co-chaired the first annual governors' meeting between the PBOC and the ECB in Beijing on Wednesday.

During the meeting, they exchanged views on issues such as economic and financial developments in China and the euro area, developments in the international monetary system and financial regulation, and key areas for cooperation between the two institutions.

The two sides signed a memorandum of understanding (MoU) on cooperation in the field of central banking, which includes the establishment of a governor/president-level meeting arrangement, and a framework for the regular exchange of information, dialogue and technical cooperation between the two institutions.

Pan noted that China remains committed to promoting high-quality development through high-standard opening-up, and stands ready to enhance cooperation with other economies, including the EU, to address global challenges.

He also stressed that the PBOC will maintain close cooperation with the ECB, making good use of the governor/president-level meeting arrangement as a key platform to strengthen policy communication and promoting cooperation between the two institutions to a new level.

Lagarde said it is important that both institutions sustain global cooperation, noting that the signing of the MoU is a demonstration of continued dialogue with the PBOC.