The State Bank of Pakistan (SBP) and the Peoples Bank of China (PBC) have signed a memorandum of understanding (MoU) on establishing RMB (Chinese currency) clearing arrangements in Pakistan.
The MOU was signed by State Bank of Pakistan Governor Jameel Ahmad and Peoples Bank of China Governor Yi Gang.
The establishment of the RMB clearing arrangement in Pakistan will further boost the usage of RMB for cross-border transactions among Chinese and Pakistani enterprises and financial institutions.
This will also promote bilateral trade and investment between the two countries.