China and Egypt signed a significant financial agreement to help TEDA Cooperation Zone build an RMB cross-border settlement hub.

Release time:

2025-07-15 09:51

As Premier Li Qiang visited Egypt to promote a comprehensive upgrade of bilateral relations, significant breakthroughs were achieved in China-Egypt financial cooperation. Multiple major agreements signed by the central banks and financial institutions of China and Egypt inject strong financial momentum into the China-Egypt TEDA Suez Economic and Trade Cooperation Zone (TEDA Cooperation Zone), elevating it to a crucial platform in China-Egypt economic and trade relations and the internationalization of the RMB.

Witnessed jointly by Chinese Premier Li Qiang and Egyptian Prime Minister Mostafa Madbouly, People's Bank of China Governor Pan Gongsheng and Central Bank of Egypt Governor Hassan Abdalla 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 Central Bank Digital Currency and Digital Innovation". This established the core objectives of strengthening local currency settlement and promoting the use of both currencies in current account and direct investment transactions, thereby laying a solid policy foundation for the TEDA Cooperation Zone.

More practically, on July 9, witnessed by the governors of both central banks, the TEDA Cooperation Zone, Cross-border Interbank Payment System Co., Ltd. (CIPS), and Suez Canal Bank of Egypt signed a cross-border payment cooperation memorandum. The three parties will jointly promote the application of RMB cross-border settlement in the TEDA Cooperation Zone, supporting trade enterprises within the zone to conduct RMB clearing and settlement through the efficient and secure CIPS system.

This signing holds milestone significance for the TEDA Cooperation Zone. In recent years, under the strong support and guidance of the People's Bank of China Tianjin Branch, Tianjin SASAC, Tianjin Municipal Commission of Commerce, Tianjin Municipal Development and Reform Commission, CDB Tianjin Branch, and shareholders, the TEDA Cooperation Zone has actively promoted the use of RMB within the zone and achieved significant progress. The signing of this memorandum is another major achievement for the TEDA Cooperation Zone in promoting the use of RMB in the park, following the first RMB loan obtained from CDB Tianjin Branch in March this year, further empowering RMB usage in the TEDA Cooperation Zone with financial support.

The day after the memorandum was signed (the 10th), Cross-border Interbank Payment Clearing Co., Ltd. immediately visited the TEDA Cooperation Zone to hold a "Financial Empowerment for Enterprises Going Global - Cross-border RMB Service Symposium". They engaged in in-depth exchanges with representative enterprises in the zone such as China Glass, Haier Supply Chain, and Dayun Motorcycle, laying a solid foundation for accelerating the implementation of the consensuses reached in the memorandum.

As the Belt and Road Initiative enters a new stage of high-quality development, China and Egypt are taking the 70th anniversary of their diplomatic ties as an opportunity to achieve a comprehensive upgrade from infrastructure and production capacity to financial cooperation through the TEDA Cooperation Zone, a model project. With the smooth flow of cross-border financial channels, the TEDA Cooperation Zone is rapidly growing into a shining "pearl" in China-Africa economic and trade cooperation, continuously unleashing tremendous potential for mutual benefit and win-win results.

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Ambassador Liao Liqiang's signed article called the TEDA Cooperation Zone a 'flagship project for jointly building the 'Belt and Road'.

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Ambassador Liao Liqiang's signed article called the TEDA Cooperation Zone a 'flagship project for jointly building the 'Belt and Road'.

2025-07-15

The three parties will jointly promote the cross-border settlement application of RMB in the TEDA cooperation zone, supporting trade enterprises within the zone to conduct RMB clearing and settlement through the efficient and secure CIPS system.

Ambassador Liao Liqiang's signed article called the TEDA Cooperation Zone a 'flagship project for jointly building the 'Belt and Road'.

2025-07-15

We look forward to this visit by Premier Li Qiang to promote traditional friendship, deepen mutually beneficial cooperation, and advance China-Egypt relations towards the goal of building a community with a shared future for the new era, and building a higher-level China-Arab community with a shared future.

Building Dreams by the Red Sea

2025-07-03