Mongolian and Chinese central banks to enhance cooperation

Oyundelger 2017-07-28 02:07

Economy

The central banks of Mongolia and the People’s Republic of China have regular 7th roundtable meeting to activate cooperation in the two countries’ banking sector.

Mongolian and Chinese central banks to enhance cooperation. The central banks of Mongolia and the People’s Republic of China have regular 7^th roundtable meeting to activate cooperation in the two countries’ banking sector. During the meeting, the central banks of the two countries are expected to present their monetary policies and discuss issues of exchange of currency. The economic cooperation between the two countries is further expanding, however; the bilateral trade is mostly conducted in US Dollar. Therefore, the Deputy Governor of Bank of Mongolia, Mr B.Lkhagvasuren signified the importance of swap agreement on using MNT and CNY for bilateral trade. Furthermore, he noted “The Bank of Mongolia has extended the CNY 15 billion swap agreement with the People’s Bank of China to 2020. Today 12 Mongolian banks cooperate with Chinese banks. Bank of China and ICBC Bank of China have their representative offices in Mongolia’s capital Ulaanbaatar but not yet opened their branches officially. There are no regulations for foreign banks to open a branch in Mongolia. Legal reforms are currently in process in Mongolia. Therefore, a draft law on Commercial Banks will be discussed soon.