BEIJING, May 21 -- The central banks of China and Thailand on Tuesday inked a memorandum of understanding (MOU) concerning a framework for cooperation to promote bilateral transactions in local currencies.

The MOU was signed by Pan Gongsheng, governor of the People's Bank of China (PBOC), and Sethaput Suthiwartnarueput, governor of the Bank of Thailand, according to the PBOC.

The two central bank governors met in Beijing on Tuesday and exchanged views on bilateral financial cooperation as well as other topics, said the PBOC.