The central banks of China and Vietnam on Monday inked a memorandum of understanding (MOU) on bilateral cooperation, according to the People's Bank of China (PBOC).

The MOU was signed by PBOC Governor Pan Gongsheng and Nguyen Thi Hong, governor of the State Bank of Vietnam, said the PBOC.

The PBOC said the signing of the MOU will facilitate cooperation between China and Vietnam in such areas as local currency settlement, currency swaps and cross-border payment connectivity.