Central banks of China, Pakistan renew bilateral currency swap agreement

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.

China's Macao Special Administrative Region (SAR) held a flag-raising ceremony at the Golden Lotus Square on Thursday morning to mark the 77th anniversary of the founding of the People's Republic of China.

At 08:00, a flag-bearing contingent composed of members of the Police Tactical Intervention Unit, a subordinate of the Public Security Forces Affairs Bureau of Macao, escorted the national flag and the Macao SAR flag into the square in a Chinese-style marching step.

This marks the first time members of the Public Security Forces Affairs Bureau have participated in a flag-raising ceremony using Chinese-style drill formations. To match the style, the contingent members wore brand-new uniforms and were equipped with brand-new gear.

Macao SAR Chief Executive Sam Hou Fai attended the ceremony, along with heads of central government agencies in Macao and representatives of people from all walks of life in the region.

Young representatives from Macao who had previously traveled to Beijing to participate in the "Salute to the National Flag" event also attended the ceremony.

"As a youth from Macao, I feel particularly honored and proud to be able to participate in this flag-raising ceremony. After watching the ceremony, I feel extremely moved and excited," said Tai U Fei, a student from the Macao SAR.

"This is the first time this year to witness the change from the Portuguese-style to the Chinese-style drill formations. I had seen their training before, and this time I was able to witness this historic moment with my own eyes at the Golden Lotus Square. I feel very honored. We had just returned from our visit to Beijing, where we also watched the same flag-raising ceremony from the viewing stand at Tian'anmen Square. When those familiar steps came to our land in Macao, I felt a strong sense of familiarity and honor. My feelings today are as warm as the sunshine," said another young student named Che Hang Kok.

Following the flag-raising ceremony, the Macao SAR government held a reception to celebrate the 77th anniversary of the founding of the People's Republic of China. Sam said the motherland's vigorous development and constant progress have always been the strongest support and warmest haven for the Macao SAR.

Looking ahead, Macao will demonstrate greater resolve and adopt a more forward-looking approach to push the SAR to make greater contribution to the great cause of building China into a powerful country and realizing national rejuvenation, he said, adding that the SAR will write a new chapter in the successful practice of "one country, two systems" with Macao characteristics.