ISLAMABAD – In a major development, China and Pakistan have agreed to usethe Renminbi or RMB for future energy projects to be developed under theChina Pakistan Economic Corridor (CPEC).
In this regard, a formal summary will be presented in the next meeting ofthe Economic Coordination Committee (ECC). If this summary receivesapproval from ECC, the US dollar will be replaced with RMB in all energyprojects developed under CPEC in the future.
On Monday, a meeting of the Joint Working Group (JWG) of CPEC was heldduring which the use of RMB for future energy projects was proposed.
The Joint Coordination Committee (JCC) of CPEC will meet today. After theJCC meeting, representatives of Pakistan and China will sign several MoUs.
Read Top Stories
Minister of National Development and Reform Commission (NDRC) of China andFederal Minister of Planning Development and Reform will address a jointpress conference after the JCC meeting.
A brief Senior Officials Meeting (SOM) is also scheduled before the JCCmeeting today.
