PANews, July 11 news, according to the Beijing Daily citing the central bank website, on July 10, under the joint witness of Chinese Premier Li Qiang and Egyptian Prime Minister Mostafa Madbouly, People's Bank of China Governor Pan Gongsheng and Central Bank of Egypt Governor Hassan Abdalla signed a memorandum of understanding (MOU) on bilateral financial cooperation, promoting local currency settlement, and cooperation in the fields of central bank digital currencies and digital innovation. This MOU aims to strengthen bilateral financial cooperation, including business exchanges and information sharing in areas such as monetary policy frameworks, financial markets, and payment systems; enhance local currency settlement cooperation to promote the use of local currencies in the current account transactions and direct investments between the two countries; and strengthen cooperation on central bank digital currencies and digital innovation, including information exchange and project collaboration. This arrangement will help enhance communication and cooperation in the respective fields of both parties and policy coordination, creating a better environment for further unlocking the potential of financial cooperation between the two countries.