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| Paramilitary police officers stand guard in front of the headquarters of the People's Bank of China, the central bank (PBOC), in Beijing, China September 30, 2022. REUTERS/Tingshu Wang/File Photo |
China's central bank will continue to promote currency swaps and strengthen monetary cooperation with Asian economies to maintain regional financial stability, the bank's governor said on Wednesday.
Bilateral currency swaps can facilitate trade and investment
and are a useful addition to the global financial safety net, Governor Pan
Gongsheng told the annual gathering of the Boao Forum for Asia.
"Bilateral currency swaps can provide emergency
liquidity support in times of turmoil in international financial markets and
banking crises in some countries," he said.
The central bank has signed bilateral local currency swap
agreements with the central banks and monetary authorities of 29 countries and
regions, with the total size of about 4 trillion yuan ($553.49 billion),
according to Pan.
Asian countries should also push reforms of quotas and
voting shares of the International Monetary Fund (IMF) to enhance the treatment
of emerging markets, said Pan.
"China's bilateral currency swaps with selected
countries also formed an important part of IMF-led international bailout relief
package," Pan added.
Argentina had planned to tap several billion dollars in
disbursements from the IMF to repay China part of the money it borrowed through
a currency swap line, Reuters reported last year.
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