Cambodian, Chinese central banks discuss local currency settlement for cross-border trade

Cambodian and Chinese central bank officials have discussed the promotion of local currency settlement for cross-border trade between the two countries, said a statement released by the National Bank of Cambodia (NBC) on Saturday.

The talks were held between NBC's Deputy Governor Chea Serey and Xuan Changneng, vice governor of the People's Bank of China, on the sidelines of the Boao Forum for Asia in South China's Hainan province.

Both officials vowed to strengthen financial cooperation between the two central banks for mutual benefits, the statement said.

"The meeting discussed the promotion of cross-border trade local currency settlement, increasing payment system connectivity and central bank digital currency," it said.

"The deputy governors welcomed closer cooperation to develop appropriate policies to promote the above-mentioned topics with the objective of increasing payment network resiliency and efficiency to facilitate trade and investment between the two nations," it added.

According to the statement, Serey joined a roundtable discussion with other central bank governors, policy makers and private sector leaders at the Boao Forum to discuss the topic of "Financial Infrastructure and Services in the Digital Era."