BEIJING - The People's Bank of China (PBOC), the country's central bank, signed a memorandum of understanding (MOU) with its Russian counterpart on Friday.

The two sides promised to strengthen cooperation in information exchanges and personnel training as well as against money laundering.

Under the MOU, Russia's central bank will establish its first overseas representative office in China. It will be the eighth one set up in China by foreign central banks.

The office will help with bilateral economic and financial collaboration between Russia and China, the PBOC said.