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China aims for stronger currency ties with Asia



China’s Central Bank Governor, Pan Gongsheng, emphasised strengthening currency cooperation with Asian economies to enhance regional financial stability at the Boao Forum. He highlighted the significance of bilateral currency swaps for supporting trade and investment, urging Asian countries to collaborate for greater influence in the International Monetary Fund. Pan stressed the importance of financial risk prevention and continued efforts to open China’s financial sector. He mentioned China’s currency swap agreements with ASEAN members, Japan, and Korea under the Chiang Mai Initiative. Additionally, Pan assured that China’s property market has a solid foundation and outlined the central bank’s measures to boost the economy, including reserve requirement ratio cuts, with analysts anticipating further reductions.

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