China's central bank said on Wednesday that the People's Bank of China (PBOC) and the State Bank of Pakistan recently had renewed their bilateral currency swap agreement with a swap size of 30 billion yuan/1,180 billion Pakistani rupees.
The agreement is valid for three years and can be further extended upon mutual consent.
The PBOC said renewing the agreement will help strengthen financial cooperation and expand the use of local currencies between the two countries while also promoting bilateral trade and facilitating investment.
Central banks of China, Pakistan renew bilateral currency swap agreement
As global challenges in geopolitics, environment, society, and technology continue to rise, Azerbaijan's President Ilham Aliyev has praised China's pivotal role in stabilizing the world economy and leading the green technology sector.
The World Economic Forum (WEF)'s Global Risks Report 2025, released on January 15, highlights a fragmented global landscape, with escalating geopolitical, environmental, societal, and technological risks threatening global stability and progress.
In an exclusive interview with China Global Television Network (CGTN) on the sidelines of the 2025 WEF Annual Meeting in Davos, Aliyev shared some insights into China's influence on the global economy amid this uncertainty.
"As far as what we observed is concerned, the Chinese economy is very stable, and it is an important factor of the global economy. And for a country like Azerbaijan, which needs to have stable prices for fossil fuel, the Chinese economy is also an important factor. When the Chinese economy grows faster, the demand for fossil fuel is more. So, we are actually interested also from this point of view that China's economy always grows. But it is not easy," said Aliyev.
He acknowledged the high expectations for China's growth and expressed confidence in its future success.
"Expectations are very high. So, but I am sure that the talented Chinese people, they will find, I'm sure they already did, new points of growth, because you are the leader in technology. And in Azerbaijan, for instance, many Chinese companies provide their services and their technology," Aliyev added.
Aliyev also highlighted the increasing presence of Chinese companies in Azerbaijan, particularly in the green technology sector.
"In green technology, no one can compete. So our investors, which belong to different companies from different parts of the world, they select Chinese technology in order to install this capacity," the president concluded.
Azerbaijani president praises China's economic stability, green technology leadership
