Governor of the Bank of Mongolia, Mr. Narantsogt Sanjaa, Holds Official Meeting with Governor of the People’s Bank of China, Mr. Pan Gongsheng 

March 24, 2026 - Beijing, People’s Republic of China 
 
Mr. Narantsogt Sanjaa, Governor of the Bank of Mongolia, held an official bilateral meeting with Mr.Pan Gongsheng, Governor of the People’s Bank of China (PBOC). The meeting was conducted in a friendly and constructive atmosphere, during which the two sides exchanged views and reached a shared understanding on key issues aimed at elevating strategic cooperation between the two central banks to a new level. 

During the meeting, the parties highlighted the following key areas of discussion: 

• Effectiveness of the Swap Arrangement and Foreign Trade: 

The parties discussed the renewal of the bilateral local currency swap agreement, which has been in place since 2011, and explored ways to enhance its effectiveness. The swap arrangement serves not only as a liquidity support instrument but also plays an important role in promoting bilateral trade, supporting settlements in local currencies, and further deepening regional economic integration. Both sides agreed on the importance of improving the utilization of the swap arrangement in line with best practices implemented with other countries, such as Republic of Korea and Republic of Türkiye. 

• Modernization of Payment Systems: 

Governor Narantsogt Sanjaa presented the vision of transitioning bilateral payment arrangements from traditional channels to modern digital infrastructure. In this context, the parties discussed opportunities to enhance cooperation in improving next-generation technology-based payment systems aimed at reducing the cost and increasing the speed of cross-border payments, including collaboration under projects such as mBridge. 

• Regional Financial Stability: 

Amid increasing global economic uncertainty, both sides underscored the importance of strengthening cooperation between central banks to enhance macroeconomic policy coordination and safeguard regional financial stability. 

In his remarks, Governor Narantsogt Sanjaa stated: “The cooperation between our two central banks has been built on mutual trust. I am confident that today’s discussions will provide a solid foundation for expanding trade, investment, and sustainable economic growth in the future.” 

At the conclusion of the meeting, the two sides agreed to further strengthen the friendly relations between the central banks and to intensify practical cooperation with tangible outcomes.