Pakistan and China take a step forward for bilateral trade in Chinese currency

The State Bank of Pakistan (SBP) and the Peoples Bank of China (PBC) havesigned a memorandum of understanding (MoU) on establishing RMB (Chinesecurrency) clearing arrangements in Pakistan.

The MOU was signed by State Bank of Pakistan Governor Jameel Ahmad andPeoples Bank of China Governor Yi Gang.

The establishment of the RMB clearing arrangement in Pakistan will furtherboost the usage of RMB for cross-border transactions among Chinese andPakistani enterprises and financial institutions.

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This will also promote bilateral trade and investment between the twocountries.