Pakistan, China sign agreement for RMB clearance State Bank of Pakistan

Pakistan, China sign agreement for RMB clearance

KARACHI: The central banks of Pakistan and China have signed an agreement for establishing RMB (Chinese currency) clearing arrangement.

State Bank of Pakistan (SBP) and Peoples Bank of China (PBoC) have signed an MOU on establishing RMB (Chinese currency) clearing arrangements in Pakistan, according to a statement issued on Wednesday.

The MOU was signed by Governor SBP Jameel Ahmad and Governor PBoC Yi Gang.

The establishment of the RMB clearing arrangement 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.