AIRLINK 58.23 Decreased By ▼ -0.37 (-0.63%)
BOP 6.24 Increased By ▲ 0.03 (0.48%)
CNERGY 3.97 Decreased By ▼ -0.02 (-0.5%)
DFML 16.07 Increased By ▲ 0.06 (0.37%)
DGKC 67.61 Increased By ▲ 0.29 (0.43%)
FCCL 17.82 Increased By ▲ 0.27 (1.54%)
FFBL 25.40 Decreased By ▼ -0.49 (-1.89%)
FFL 9.15 Increased By ▲ 0.01 (0.11%)
GGL 9.79 Increased By ▲ 0.02 (0.2%)
HBL 113.77 Increased By ▲ 1.27 (1.13%)
HUBC 111.61 Decreased By ▼ -3.68 (-3.19%)
HUMNL 6.55 Decreased By ▼ -0.04 (-0.61%)
KEL 4.39 Increased By ▲ 0.17 (4.03%)
KOSM 4.59 Increased By ▲ 1.03 (28.93%)
MLCF 37.73 Increased By ▲ 0.62 (1.67%)
OGDC 125.21 Increased By ▲ 8.81 (7.57%)
PAEL 22.61 Decreased By ▼ -0.10 (-0.44%)
PIAA 11.10 Increased By ▲ 0.31 (2.87%)
PIBTL 6.17 Decreased By ▼ -0.08 (-1.28%)
PPL 109.07 Increased By ▲ 5.07 (4.88%)
PRL 26.84 Increased By ▲ 0.45 (1.71%)
PTC 10.48 Increased By ▲ 0.95 (9.97%)
SEARL 52.85 Increased By ▲ 0.86 (1.65%)
SNGP 66.38 Increased By ▲ 1.26 (1.93%)
SSGC 11.01 Increased By ▲ 0.08 (0.73%)
TELE 7.13 Decreased By ▼ -0.08 (-1.11%)
TPLP 11.93 Decreased By ▼ -0.06 (-0.5%)
TRG 76.07 Decreased By ▼ -0.78 (-1.01%)
UNITY 20.47 Decreased By ▼ -0.02 (-0.1%)
WTL 1.30 No Change ▼ 0.00 (0%)
BR100 6,441 Increased By 109.2 (1.72%)
BR30 22,098 Increased By 468.8 (2.17%)
KSE100 62,816 Increased By 901.5 (1.46%)
KSE30 21,134 Increased By 282.7 (1.36%)
Print Print 2023-04-07

Global currency: Govt supports China’s efforts to expand use of RMB

  • Pakistan is one of the leading countries to use RMB for international trade settlement, says minister Ahsan Iqbal
Published April 7, 2023

BEIJING: Pakistan had been a long-time supporter of China’s efforts to expand the use of the Renminbi (RMB) as a global currency, said Minister of Planning, Development and Special Initiatives, Ahsan Iqbal.

Talking to China Economic Net (CEN) during his visit to Beijing, he said that recently, China had been ramping up support for RMB clearing and settlement in its foreign trade, especially with Belt and Road Initiative countries and Pakistan was one of the leading countries to use RMB for international trade settlement.

“We are also promoting transactions in RMB for big projects under CPEC like the ML-1 project, which is almost $8 to $9 billion.

RMB clearance: SBP signs MoU with Chinese bank

We are trying to structure its deal in RMB and we are already working with Chinese companies who have major projects with transactions made in RMB,“ Ahsan added. He said that Pakistan already signed a memorandum of understanding (MoU) with China to facilitate the use of RMB in bilateral trade and investment.

The agreement between China and Pakistan provides a platform for the two countries to foster closer economic ties and promote trade and investment using RMB.

He said that after COVID-19, China was opening its door wider, which offers a great opportunity for the world economy. China’s growth will help global growth back on track.

Comments

Comments are closed.

Tulukan Mairandi Apr 07, 2023 07:03am
Not good to support iron brother china on Xi Yuan and skipping democracy summit, but asking Blome to support IMF bid
thumb_up Recommended (0)
Jamal Nasir Apr 07, 2023 11:34am
China can help us boosting our Defence industry. You know backbone for that industry to groom is cheap structural and special metallic materials and alloys. Keeping in view of the production cost, at least it would be a sigh of relief if we could save our exchequer, by atleast depending on Chinese steel alloys and Non ferrous materials.
thumb_up Recommended (0)