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Print Print edition: 2022-11-03

RMB clearance: SBP signs MoU with Chinese bank

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KARACHI: The State Bank of Pakistan (SBP) and Peoples Bank of China (PBoC) signed a Memorandum of Understanding (MoU) on establishing RMB (Chinese currency) clearing arrangements in Pakistan.

According to the SBP, the MoU was signed by SBP Governor Jameel Ahmad and PBoC Governor Yi Gang in the recent China visit of Prime Minister Mian Shahbaz Sharif. State Bank Governor Jameel Ahmed is also part of the Prime Minister delegation.

Using RMB/PKR in bilateral trade: PM directs SBP to hold meetings with Chinese banks

The SBP said that the establishment of the RMB clearing arrangements in Pakistan will further boost usage of RMB for cross-border transactions among Chinese and Pakistani enterprises and financial institutions.

“This will also promote bilateral trade and investment between the two countries,” the SBP added.

Copyright Business Recorder, 2022

SBP mou People's Bank of China RMB PBOC Governor Yi Gang SBP Governor Jameel Ahmad

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Zafar Khan Nov 03, 2022 12:46pm
Directly dealing with China in RMB vs PKR will facilitate imports and be lessor burden on Forex Reserves in US$. Both countries must workout to bypass SWIFT system. This way prices of imported goods will drop and will be within purchasing power of common people.
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