SBP allows trade settlement in Chinese currency

KARACHI: The State Bank of Pakistan (SBP) has allowed ICBC Bank of China to settle import and export bills in Chinese currency Yuan.

Now, ICBC Bank can open accounts of other banks as well for their transactions/operations in Chinese currency, confirmed SBP here on Tuesday. ICBC, one of the largest infrastructure Bank in the world, can also provide liquidity in Chinese currency to any bank, in case it needs, SBP said.

ICBC's representatives Branson Chen Yuxuan and Mr. Shoaib in their presentation at the meeting of FPCCI's Standing Committee on the Banking and Finance here had also mentioned this development.

ICBC Bank has also offered financing of infrastructure projects linked to China Pakistan Economic Corridor (CPEC).