The 7^th roundtable meeting between the central banks of Mongolia and China is currently taking place (27th and 28th July).  

During the meeting, the central banks of both countries are expected to present their monetary policies and are discussing issues of exchange of currency. On 6^th July, the Bank of Mongolia extended the CNY 15 billion swap agreement with the People’s Bank of China to 2020. The economic cooperation of the two countries is further expanding. But  bilateral trade is mostly conducted using US dollars. Therefore, the Deputy Governor of BoM B.Lkhagvasuren signified the importance of a swap agreement on using MNT and CNY for bilateral trade. 

 Mr. B.Lkhagvasuren said ‘Mongolia has used 70 percent of the CNY 15 billion. But China has only spent MNT 500 million. Therefore, it is important to focus on increasing the usage of MNT in China’.

Presently, 12 Mongolian banks are cooperating with Chinese banks. The Bank of China and ICBC Bank of China have representative offices in Mongolia but haven’t officially opened any branches.