The agreement was signed by Chinese Ambassador to Nepal Wu Congyong and Governor of the Nepal Rastra Bank (Nepal's central bank) Tilak Rawal, respectively on behalf of the two countries' central banks.

Speaking on the signing ceremony, Wu said that the subscription of the agreement on Bilateral Settlement and Cooperation Between the People's Bank of China and the Nepal Rastra Bank would symbolize the Sino-Nepal cooperation is exploring new fields and achieving new progress.

"The purpose of signing the agreement was to accept RMB into the two countries' bank settlement system," wu said, adding that " the agreement was aimed at not only promoting the cooperation in the fields of trade and economy, but also enhancing multiple investment and cooperation between the economic organizations and entrepreneurs of our two countries."

"I am confident that with the continuous collaboration, there must be some substantial progress on the tourism and trade cooperation between the two sides in the future," he noted.

Also speaking on the occasion, Rawal said that the agreement would give a momentum to help Nepal get rid of the current standstill in the development of tourism factor and economic growth, which are suffering heavy setbacks due to various unfavorable factors.

"I'm sure that it will help us a great deal not only in the economic development of Nepal, but also in the development of the friendly cooperation and bilateral relationship between the two neighbors," he added.

( June 18, 2002)