China and Qatar Renew Currency Swap and Expand Bilateral Commercial Partnerships

The People's Bank of China and the Qatar Central Bank have renewed their bilateral local currency swap agreement for the third time to facilitate cross-border settlements and direct investments. Concurrently, Qatari entities established cooperation agreements with Chinese counterparts in financial services, infrastructure, technology, and diamond trading.

Published November 3, 2026 Source: UECN

English Original
中文 Chinese version
العربية Automatic translation

Issuing authority: People's Bank of China, Qatar Central Bank
Jurisdiction: China, Qatar
Stage: Final rule
Official document: Bilateral Local Currency Swap Agreement
Official source: uecn.org

Illustration

Qatar Central Bank Governor Sheikh Bandar bin Mohammed bin Saoud Al-Thani and People's Bank of China Governor Pan Gongsheng signed an agreement to renew their bilateral local currency swap agreement for the third time. The signing occurred during the IMF and World Bank Annual Meetings in Bangkok, with the mechanism designed to support bilateral cross-border trade settlements and direct investment denominated in local currencies.

In Beijing, a Qatar Financial Centre (QFC) delegation led by Chief Executive Officer Mansoor al-Khater signed two cooperation agreements with the Beijing Financial Street Service Bureau and the Belt and Road General Chamber of Commerce. The QFC stated that future bilateral collaboration will focus on green energy, artificial intelligence, and digital infrastructure.

Industrial and enterprise cooperation also advanced through multiple initiatives. Qatari listed firm Aamal announced that its subsidiary, Advanced Pipes & Castings Company, signed a memorandum of understanding with China Railway Tunnel Group to work on tunnel engineering, prefabricated tunnel segments, and related supply chains across Qatar and adjacent markets.

Additionally, Invest Qatar and the Qatar Association of Chinese Enterprises convened an enterprise roundtable in Doha for Chinese companies operating locally, including ICBC, Bank of China, China Harbour Engineering, China Railway Construction, Yutong Bus, Xiamen Airlines, Kingdee International, and Dahua Technology. In parallel developments, Huawei and Vodafone Qatar showcased AI and robotics systems with Agibot at an education summit, while the Qatar Diamond Exchange signed an agreement with the Diamond Federation of Hong Kong.