On May 14, 2025, Pan Gongsheng, Governor of the People’s Bank of China (PBOC) met with Gabriel Galípolo, Governor of the Banco?Central?do?Brasil (BCB), who was visiting China as a member of Brazilian President Lula’s delegation. The two governors exchanged views on global economic and financial developments and discussed ways to deepen pragmatic bilateral financial cooperation.
Following the meeting, Governor Pan and Governor Galípolo jointly attended the China-Latin America and Caribbean (LAC) Panda Bond Seminar with the theme of “Advancing Financial Opening-Up and Ushering in a New Chapter of China-LAC Cooperation”. Both governors delivered a keynote speech, and the PBOC Deputy Governor Zou Lan moderated the session. The seminar was organized as a side event of the China-CELAC Forum.
In his remarks, Governor Pan noted that China and LAC states, including Brazil, as important members of the Global South, have achieved fruitful outcomes in financial cooperation. This has contributed to China-LAC economic and trade cooperation, financial stability, and economic growth. Given the complex and challenging global environment, China and LAC states should expand and deepen financial cooperation, and jointly address common challenges. He highlighted the continued progress of China’s high-level financial opening-up in recent years, particularly the growing dynamism of the panda bond market, the increasingly internationalized institutional framework, and the easier use of cross-border capital. He welcomed more LAC states to issue panda bonds in China, and share the opportunities brought by the Chinese market’s development.
Governor Galípolo noted the strong complementarity between the Chinese and Brazilian economies. In recent years, bilateral trade and foreign direct investment have grown steadily, laying a solid foundation for further cooperation. He affirmed Brazil’s strong commitment to enhancing financial cooperation with China and strengthening the interlinking of our financial markets. This week, the PBOC and the BCB achieved an important milestone by signing a bilateral swap agreement valued at CNY 190 billion, along with a Financial Cooperation Memorandum of Understanding. He expressed Brazil's intention to work together to maintain financial stability and promoting economic growth.
