On June 11, 2025, Pan Gongsheng, Governor of the People's Bank of China (PBOC), and Christine Lagarde, President of the European Central Bank (ECB), co-chaired the first annual PBOC-ECB Governors' Meeting. They exchanged views on economic and financial developments in China and the euro area, developments in the international monetary system and financial regulation, key areas for cooperation between the two institutions and other topical issues.
Governor Pan and President Lagarde signed the Memorandum of Understanding (MoU) on Cooperation in the field of central banking. The MoU includes the establishment of a governor/president level meeting arrangement, and a framework for regular exchange of information, dialogue, and technical cooperation between the two institutions.
Governor Pan noted that China remains committed to promoting high-quality development through high-level opening-up, and stands ready to enhance cooperation with the other economies including the EU to jointly address global challenges. He also stressed that the PBOC would continue to maintain close collaboration with the ECB, making good use of the governor/president meeting arrangement as a key platform for strengthening policy communication, with a view to promoting cooperation between the two institutions to a new level.
President Lagarde noted that it is important that both institutions sustain global cooperation, and she is delighted to sign this MOU together with Governor Pan as a demonstration of the continued dialogue with the PBOC.
Deputy Governor Xuan Changneng attended the meeting.
