China and Egypt sign memorandum of understanding to promote local currency settlement and cooperation in central bank digital currency

PANews reported on July 11 that according to the Beijing Daily, citing the central bank's website, on July 10, under the joint witness of Chinese Premier Li Qiang and Egyptian Prime Minister Madbouly, Pan Gongsheng, Governor of the People's Bank of China, and Hassan Abdallah, Governor of the Central Bank of Egypt, signed the "Memorandum of Understanding between the People's Bank of China and the Central Bank of Egypt on Bilateral Financial Cooperation, Promoting Local Currency Settlement and Cooperation in the Field of Central Bank Digital Currency and Digital Innovation". The memorandum of understanding aims to strengthen bilateral financial cooperation, including business exchanges and information sharing in the fields of monetary policy framework, financial markets, payment systems, etc.; strengthen local currency settlement cooperation, promote the use of local currencies in current account transactions and direct investment between the two countries; strengthen central bank digital currency and digital innovation cooperation, including information exchange, project cooperation, etc. This arrangement will help strengthen exchanges, cooperation and policy coordination in the fields of competence of both sides, and create a better environment for further unleashing the potential of financial cooperation between the two countries.