China renews bilateral swap agreement with ECB, Switzerland, & Hungary

The agreements are valid between three to five years.

The People’s Bank of China has renewed its bilateral currency swap arrangements with the Eurozone, Switzerland, and Hungary.

Pan Gongsheng, governor of PBOC, renewed the arrangements with Christine Lagarden, president of the European Central Bank (ECB); Michale Schlegel, chairman of the SNB (Swiss National Bank); and Mihály Varga, Governor of the MNB (Magyar Nemzeti Bank), on the sidelines of bimonthly meetings of governors held by the Bank for International Settlements (BIS), 7-8 September 2025.

The size of the PBOC-ECB swap is RMB350b or €45b, and the agreement is valid for three years.

The size of the PBOC-SNB swap is RMB150 or SFr17b, with the agreement valid for three years as well.

The size of the PBOC-MNB swap is RMB40b or HUF1.9t, with the agreement valid for five years.