The Memorandum of Understanding (MoU), in addition to defining framework of cooperation between Iranian and Chinese banks, provides a basis for long-term ties with China Development Bank in technical, operational and human resource training areas.
CBI Governor Valiollah Seif, on the second day of his visit to China and at a meeting with CDB Chairman Hu Huaibang, voiced satisfaction towards collaborations between the two sides for financing the project of electrifying Tehran-Mashhad railway reiterating “expansion of relations opens a new branch in Iran-China trade and financial ties and supports offered by Chinese banks are worth appreciation.”
Moreover, the meeting also discussed issues like reinvigoration of banking and monetary accords in all fields such as expansion of financial and banking relations in all areas, including financing, monetary settlement and the use of local currencies in transactions between the two countries as well as providing comprehensive banking services to Iranian banks.
At a separate meeting with, Guo Shuqing, Chairman of China Banking Regulatory Commission (CBRC), Iran’s Seif pointed to development of economic cooperation in the post-JCPOA era saying “level of economic relations between Iran and China has increased substantially since the nuclear deal was sealed though financial and banking cooperation needs to be expanded proportionately to allow banks to provide services tailored to the level of economic exchanges.”
The Chinese side, for his part, acknowledged remarks made by CBI governor and expressed willingness to engage in banking and financial interactions with Iranian banks urging Chinese banks to increase their ties with Iranian counterparts.
It is worth noting that, China Banking Regulatory Commission (CBRC), who is responsible for setting up and enforcing banking supervision regulations in China, plays an important role in activities of Chinese banks as well as in their international cooperation. In meetings held with participation of some directors of commercial banks in Iran, the sides agreed to boost banking cooperation of the two countries and hold bilateral meetings. Meanwhile, more effective presence of banks of Iran and China in the other side was discussed and it was decided that scope for further promotion of ties be provided.
The Iranian delegation also attended a meeting with officials of Exim Bank of China in a bid to raise and deepen relations between the two sides. Solutions and suggestions presented at the meeting were welcomed by both sides and it was agreed that expert teams pursue operationalization of these proposals.
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