Pakistan and China are in talks to trade in Chinese currency
China proposed to Pakistan to create RMB capital circulation system. It will help to increase trade and business in Chinese currency. Talks between SBP and Chinese authorities are ongoing.
ISLAMABAD, PAKISTAN: China proposed a pilot plan to follow the RMB capital circulation system in Pakistan. The renminbi (RMB) capital circulation system will help both countries to conduct business and trade in Chinese currency. The involvement of third-party currency will be completely cancel from all transactions. It will help to control trade deficit and economic crises in the country.
The government has urged the finance ministry and the central bank to look into the Chinese authorities’ requests and take action. Significant progress is expected to be made soon, and formal talks between the...