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The governors of the two institutions concluded the pact on the sidelines of the International Monetary Fund and World Bank Group annual meetings in Bangkok, according to Qatar News Agency. Sheikh Bandar bin Mohammed bin Saoud Al Thani represented the Qatar Central Bank while Pan Gongsheng signed for the People’s Bank of China during the event, which runs from October 12 to 18. The development builds on more than a decade of financial cooperation between the Gulf state and its key Asian partner.
This marks the third extension of the swap arrangement, a Qatar Central Bank statement confirmed. The original deal was signed in 2014, followed by renewals in 2017 and 2021. Authorities from both sides have consistently positioned the facility as a mechanism to ease cross-border financial flows.
The renewed agreement seeks to encourage greater use of the Qatari riyal and Chinese yuan in settling trade and to stimulate direct investment, according to an announcement distributed by the Qatar Central Bank. Such currency facilities help participants avoid exchange-rate volatility tied to third currencies while lowering transaction costs. The central banks expect the extension to sustain momentum in economic ties that have broadened substantially in recent years.
Bilateral trade volume expanded from $10.6 billion in 2014 to $23.81 billion in 2025, a nearly 125 percent increase that a Zawya assessment attributed largely to energy exports and growing Chinese investment. Figures from the Observatory of Economic Complexity show China importing substantial volumes of petroleum gas from Qatar while exporting vehicles, machinery and prefabricated buildings in return. China has ranked as Qatar’s top trading partner and export destination since 2020.
The initial 2014 swap covered 35 billion yuan, roughly equivalent to $6 billion at prevailing exchange rates, a Reuters dispatch from the period reported. That agreement also included an RMB clearing bank in Doha and an initial 30 billion yuan quota under the Renminbi Qualified Foreign Institutional Investor scheme. The People’s Bank of China described those measures at the time as steps toward facilitating bilateral commerce and supporting regional financial stability.
Qatar’s overall trade surplus reached $3.42 billion in November 2025 alone, with China accounting for 18 percent of the Gulf state’s merchandise exports that month, according to Planning and Statistics Authority data. The swap extension arrives against a backdrop of steady growth in Chinese visitor numbers to Qatar, which rose 28 percent to 132,000 in 2025. Both institutions are expected to monitor utilization of the facility to ensure it aligns with evolving commercial demands.
