A China Development Bank sign is seen on the rooftop of an office building in the Lujiazui Financial district in Pudong, Shanghai. [Photo/IC]
1. Financial cooperation mechanisms maturing
China Development Bank (CDB) has promoted the establishment of multilateral financial cooperation mechanisms.
As of the end of June 2023, a total of 13 Chinese-funded banks had established 145 first-tier offices and branches in 50 BRI partner countries; some 17.7 million businesses in 131 partner countries had opened UnionPay services, and 74 partner countries had opened UnionPay mobile payment services.
China has signed bilateral currency swap agreements with 20 partner countries and established renminbi (RMB) clearing arrangements in 17 partner countries.
