In a historic move, Pakistan and China abondon US dollar in $15 billion bilateral trade
*ISLAMABAD - Pakistan and China have decided to abondon dollar in bilateral trade.*
*Pakistan and China will start trading in yuan now, instead of dollars. **Yuan is the currency of China.*
“The trade between Pakistan and China has been valued at $15 billion,” said Information minister Fawad Chaudhry on Monday. The two countries are working on improving their economic cooperation, he remarked.
“China has stood by us at all times,” he said. “We built a corridor together, and now we are opening its doors for agriculture and new industrial zones.”
The currency swap arrangement between the State Bank and People’s Bank of China has been extended by three years.