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Pakistan gives up dollar to settle in RMB only!

  • Author:Orient Honest
  • Source:www.china-disposable.com
  • Release on :2018-01-19
On the first day of 2018, U.S. President Donald trump pointed the finger at Pakistan, accusing Pakistan of not cooperating with the United States in counterterrorism operations.

Pakistan's response is very fast, within 24 hours after his trump twitter issued, Pakistan's central bank announced that in bilateral trade and investment with China to abandon the dollar, only use RMB transactions.

On January 2, Pakistan's central bank issued a statement in Karachi, saying that the central bank had approved traders' use of the yuan for import and export, financing and investment. The central bank has also set up regulatory frameworks, including issuing letters of credit and using renminbi-denominated financing vehicles.

Pakistan has a currency swap agreement with the people's bank of China; Industrial and commercial bank of China has been allowed to establish a local currency settlement and clearing mechanism in Pakistan.