In a big development, Pakistan and Chine ditch US Dollars in bilateral trade
Islamabad: Federal Finance Minister Dr. Shamsad Akhtar has revaled that Pakistan and China will leave trading in US Dollar and said that Pakistan aims to increase the use of Chinese currency (RMB) in trade and investment. He made these remarks during the inaugural ceremony of a bank established in Islamabad for the clearance of Chinese currency (RMB).
The ceremony took place at the Jinnah Convention Center in Islamabad, and it was attended by China's Ambassador to Pakistan, Jiang Zaidong, and other dignitaries.
The Federal Finance Minister mentioned that China has been Pakistan's largest trading partner and the most significant source of investment for many years. The establishment of the RMB clearance business will facilitate and enhance trade connections between Pakistan and China, benefiting various sectors and activities.
Furthermore, at this occasion, China's Ambassador to Pakistan, Jiang Zaidong, emphasized the need for strong support from both sides' financial authorities for the strategic cooperation between China and Pakistan across four seasons and to promote the Belt and Road initiative.