Malik played down concerns about the financial viability and local refineries' ability to process Russian crude. He said, "We've run iterations of various product mixes, and in no scenario will the refining of this crude make a loss." "We are very sure it will be commercially viable," he ...

[image: Oil | ProPakistani] Saudi Arabia is contemplating pricing some of its oil sales in yuan *—* a move that will undermine the US dollar’s supremacy in the global petroleum market and represent another turn by the world’s top crude exporter toward Asia. Its talks with China over ...

As of today, the renminbi's (RMB) share in global payments and central bank reserves stands at about 2 percent, but it could make up 5 to 10 percent by 2030, according to the forecast. In 10 years, China's yuan could become the global third-largest reserve currency after the US dollar and the ...

ISLAMABAD: Pakistan has proposed China to consider the financing of Main Line-I (ML-I), a rail project worth over $9 billion, in Renminbi (RMB). According to sources, Pakistan made this proposal during the recently concluded meeting of the Joint Coordination Committee (JCC) on the China Pakistan ...

ISLAMABAD - In a major development, China and Pakistan have agreed to use the Renminbi or RMB for future energy projects to be developed under the China Pakistan Economic Corridor (CPEC). In this regard, a formal summary will be presented in the next meeting of the Economic Coordination Committee ...

ISLAMABAD - As China’s Belt and Road Initiative (BRI) has boosted the global use of the yuan, Pakistan, which is a part of the project, has been increasingly encouraged to use the Chinese currency in its business dealings with Beijing instead of doing trade in the US dollar, the Global Times ...

BEIJING: Pakistan along with other Belt and Road Initiative (BRI) countries ditching US dollar for Chinese Yuan in trade, it has been revealed. The Belt and Road Initiative (BRI) has fueled the yuan’s internationalisation, particularly in the past two to three years as work on related projects ...

KARACHI: In order to further expand the local Chinese Yuan (CNY) Clearing and Settlement Mechanism in Pakistan, the State Bank of Pakistan (SBP) on Tuesday allowed Standard Chartered Bank (SCB) Pakistan Limited to establish their local CNY clearing and settlement setup in the country. SCB ...

SHANGHAI - The Chinese yuan weakened to a decade low on Tuesday on concerns over China’s slowing economy and the US trade war, but Beijing was expected to prevent it breaking the psychologically important 7 yuan per dollar barrier. The yuan drifted past 6.96 to the dollar, hitting its weakest ...

BEIJING - According to the head of the People’s Bank of China Governor Zhou Xiaochuan, the Chinese authorities will continue to gradually promote the internationalization of the yuan including through the further opening of its financial markets. “In the process of internationalization of the ...