ISLAMABAD: Pakistan and China decide to ditch US dollar in CPEC megaprojects, media report has revealed.

Pakistan and China have decided to use Chinese currency Renminbi (RMB) forexecution of all new projects of energy sector under the multi-billiondollar China Pakistan Economic Corridor (CPEC).

Instead of US dollar, use of RMB will be a major development if thisagreement turns into reality. Now a summary will be moved before theEconomic Coordination Committee (ECC) of the Cabinet for getting formalapproval to this effect.

Sources quoted in the report said that the Joint Working Group (JWG) agreedto use RMB for all new energy projects in Pakistan.

According to the report the Senior Officials Meeting (SOM) will be held onTuesday morning and then JCC will be held in the afternoon.

Both sides will sign MoUs after the JCC meeting. It is also expected thatChina’s visiting NDRC Minister and Minister for Planning will also holdjoint press briefing on Tuesday night.

In the JWG meeting, Pakistan and China evolved consensus that RMB would beused for making arrangement to execute all new projects of energy sectorunder CPEC.

This important development was also shared in a roundtable organised byPakistan China Institute (PCI) led by Senator Mushahid Hussain Sayed inKarachi on last Sunday.