Business / Economy

Chinese, Venezuelan central banks ink co-op deal

(Xinhua) Updated: 2014-07-19 14:01

CARACAS - The central banks of Venezuela and China signed a cooperation agreement on Friday aimed at promoting the exchange of information on statistical methodologies, monetary policy strategies and funding mechanisms.

Zhou Xiaochuan, governor of the People's Bank of China, said the agreement is a breakthrough for both sides to enhance economic ties.

It is important for the two central banks to share experiences, especially on monetary policies and financial stability, Zhou added.

Zhou's Venezuelan counterpart, Nelson Merentes, described the deal as "historic," saying it would facilitate bilateral collaboration.

Merentes stressed that the two institutions have to work together as ties of two countries are getting ever closer.

"We must take into consideration that more and more Chinese companies" are investing in Venezuela in various fields, such as agriculture, livestock, construction, mining and telecommunications, he said.

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