ECB, China Sign Updated Cooperation MoU on Monetary Reform

During a significant visit to Beijing in June 2025, European Central Bank (ECB) President Christine Lagarde and People's Bank of China Governor Pan Gongsheng signed an updated Memorandum of Understanding (MoU) to strengthen cooperation in central banking. This updated MoU, replacing the 2008 agreement, establishes a framework for regular information exchange, dialogue, and technical cooperation between the ECB and China's central bank. Premier Li Qiang emphasized the importance of deepening collaboration with the ECB to reform the international monetary system and highlighted the need for open cooperation and sustained multilateral coordination. Lagarde underscored China's vital role in the global financial landscape and the importance of sustaining global cooperation as reflected in the new MoU. This partnership aims to align economic strategies and enhance stability amid increasingly interconnected global economic conditions. The MoU symbolizes a commitment to continued dialogue and collaboration between two of the world’s major financial institutions.