Pakistan is strong supporter for expanding the use of Chinese Renminbi (RMB) as use of global currency.
According to Prof. Ahsan Iqbal, minister for planning and development, Pakistan has been a strong supporter of China’s endeavors to expand the use of the Renminbi (RMB) as a global currency.
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During his visit to Beijing, he spoke with China Economic Net (CEN) and mentioned that China has been increasing its support for RMB clearing and settlement in foreign trade, especially with Belt and Road Initiative countries.
Pakistan is one of the leading countries to use RMB for international trade settlement, and is promoting RMB transactions for significant projects under the China-Pakistan Economic Corridor (CPEC), such as the ML-1 project, which has a value of around $8 to $9 billion.
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Ahsan further stated that Pakistan is working with Chinese companies that have major projects with transactions made in RMB.
Pakistan has already signed an MoU with China to facilitate the use of RMB in bilateral trade and investment, which provides a platform for the two countries to foster closer economic ties and promote trade and investment using RMB.
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Ahsan noted that China’s opening of its doors wider after COVID-19 offers a great opportunity for the world economy, and that China’s growth will help put global growth back on track.
