In a blow to Delhi, China rejects Indian proposal
BEIJING - China has rejected Indian proposal over bilateral trade in respective currencies.
It was USD 51.11 billion in 2016-17.India had suggested China for renminbi-rupee trade to boost its exports and tackle the widening trade deficit concern.
"They have not accepted the proposal," the official said.The issue was discussed in an inter-ministerial meeting in October. In the meeting, it was suggested to the Reserve Bank of India and the Department of Economic Affairs would look at the possibility of exploring renminbi-rupee trade with China.