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The joint meeting of GCC central bank governors and the People’s Bank of China took place Wednesday in Bangkok on the sidelines of the 2026 annual meetings of the International Monetary Fund and World Bank Group, according to the GCC General Secretariat. It was co-chaired by Khalid Humaidan, governor of the Central Bank of Bahrain and current chairman of the GCC Central Bank Governors Committee, along with Pan Gongsheng, governor of the People’s Bank of China. Governors from all six GCC states, including Qatar’s Sheikh Bandar bin Mohammed bin Saoud Al-Thani, attended the session where multiple agenda items were addressed and decisions adopted.
GCC Secretary-General Jasem Mohamed Albudaiwi delivered remarks underscoring the expansion of economic relations between the GCC states and China, the General Secretariat reported. Albudaiwi pointed out that both parties aspire towards a more integrated financial and banking partnership that translates dialogue into practical initiatives and unlocks broader horizons for trade and investment. He added that financial and banking cooperation constitutes a fundamental pillar of this partnership, given its vital role in facilitating trade and investment, strengthening capital market linkages, and supporting monetary and financial stability.
Cooperation between the GCC central banks and the People’s Bank of China has made notable progress since their joint dialogue launched in September 2021, Albudaiwi noted via the GCC General Secretariat statement. That process led to a joint action plan, specialised programmes and workshops in banking and financial fields, followed by a milestone meeting in Al-Ula, Saudi Arabia, in February 2025. The Bangkok gathering continues this trajectory by focusing on efficient and resilient financial systems to address geopolitical, economic and technological challenges.
Separately on the same day, Al-Thani and Pan Gongsheng signed an agreement extending the local currency swap arrangement between the Qatar Central Bank and the People’s Bank of China, Qatar News Agency reported. The pact, first signed in 2014 and previously extended in 2017 and 2021, marks its third renewal with the goal of promoting trade and direct investment between Qatar and China. Qatar News Agency data places the signing within the broader framework of the IMF and World Bank meetings running from October 12 to 18 in the Thai capital.
The discussions highlighted the importance of developing payment systems, cross-border settlements, financial technology, innovation and cybersecurity, according to the GCC General Secretariat. Albudaiwi explained that rapid global transformations reinforce the need for deeper collaboration between financial institutions to safeguard economic stability. Appropriate decisions on the agenda items were taken during the meeting, the secretariat added.
China’s trade with Belt and Road Initiative partner countries, including those in the GCC, jumped 17.1 percent year on year to 20.37 trillion yuan in the first three quarters of 2026, the General Administration of Customs reported. This growth underscores the expanding opportunities that enhanced central bank cooperation aims to capture through better monetary linkages and investment flows. The GCC General Secretariat assessment found that such partnerships help capitalise on future prospects while bolstering regional resilience.
