China and Laos renew cooperation agreement on local currency swap and digital currency

CoinFeed reported on June 8 that during Lao leader Thongloun Sisoulith's visit to China, the People's Bank of China and the Bank of the Lao People's Democratic Republic renewed their bilateral currency swap agreement (RMB/Lao Kip) and a Memorandum of Understanding (MOU) on strengthening cooperation in financial innovation, digital payments, and central bank digital currencies. These documents aim to consolidate the local currency liquidity arrangements between the two central banks, promote cooperation in areas such as digital payments and central bank digital currencies, and serve the needs of Sino-Lao economic and trade exchanges and cross-border settlements.