*KARACHI:* With each passing day Pakistan has been inching closer to theChinese Yuan and moving away from the US Dollars.
Utilization of yuan for settlement of cross-border trade deals betweenPakistan and China has been increasing, said Standard Chartered Bank (SCB)on Tuesday.
In an interview to *The News,* SCB’s regional head for commercial bankingAD Ganesh said trade levels between Pakistan and China were high withfigures ranging from $7 billion to $11 billion regarding both these markets.
Mr. Ganesh said Yuan provides a great opportunity and a way forward as thebank was uniquely positioned in China. He added SBP was ready and preparedto implement Renminbi (RMB) regarding accounts or in providing services ofmoney transfers.
He said specific workings need to be worked upon which would allow them todrive this initiative further.
SCB said China-Pakistan Economic Corridor (CPEC) provided an exceptionalopportunity for boosting commercial banking across the two markets.
SCB regional head commented CPEC was a key project for both Pakistan andChina and the bank had earmarked major sectors like logistics, energy andinfrastructure.
He added the bank already was established in the Chinese market and was theonly international bank with a presence in Pakistan and they offerunparalleled network coverage to their customers.
He shared they had account holders in China who were contractors andbanking with them and were interested in establishing a footprint inPakistan, which would permit them to link up the value chain.
For this, the bank has enlisted services mandarin speaking relationshipmanagers based in China who would primarily be focusing on this initiative.
The regional head stressed said SBP’s concentration was on giving providingwide scope of financing capabilities to middle market clients in Pakistanand China.
SCB is hopeful to be able to give loan offerings for subcontractors fromits commercial banking division.
Its regionally focused commercial banking division aims at mid-corporate orbusinesses with $10 million to $1.5 billion in yearly revenues.