China, Brazil Boost Financial Cooperation, Panda Bonds
People's Bank of China Governor Pan Gongsheng met with Brazilian Finance Minister Dario Durigan on June 25, 2026. Both sides exchanged views on macroeconomic policy coordination and deepened bilateral financial cooperation, with Brazil submitting a letter of intent for Panda bonds.
Global South Financial Alignment
People's Bank of China Governor Pan Gongsheng and Brazilian Finance Minister Dario Durigan agreed to strengthen financial cooperation, recognizing their roles as key representatives of the Global South.
They committed to leveraging the China-Brazil Financial Strategic Cooperation Working Group to deepen bilateral investment and financing, promote the use of local currencies, and advance financial infrastructure connectivity.
These collaborative efforts are designed to benefit enterprises and people in both countries, thereby contributing strong momentum to global economic growth and financial stability.
Furthermore, both sides agreed to enhance macroeconomic policy coordination under multilateral platforms such as the G20, BRICS, and the International Monetary Fund, aiming to jointly amplify the voice of developing nations on the global stage.
Panda Bonds Pave New Pathways
Both China and Brazil will further advance financial market connectivity, looking forward to Memorandums of Understanding between China Central Depository & Clearing Co.
, Ltd. (CCDC), the China Foreign Exchange Trade System (CFETS), and the Brazilian Stock Exchange.
They also support the China-Brazil Cooperation Fund for Expansion of Productive Capacity, aiming for economic and social benefits through investments in key areas like climate change and clean energy.
During the meeting, Governor Pan Gongsheng and Minister Dario Durigan jointly witnessed Brazil's Ministry of Finance delivering its letter of intent for issuing Panda bonds to the National Association of Financial Market Institutional Investors (NAFMII).
Brazil will become the first Latin American country to issue sovereign Panda bonds, a move welcomed by the People's Bank of China.
A Strategic Bond for the Global South
This meeting underscores a strategic deepening of financial ties between two major Global South economies.
The Panda bond initiative, in particular, offers Brazil a new funding avenue while solidifying China's role in international finance.
While largely symbolic for now, these steps lay crucial groundwork for a more multipolar financial system.