KARACHI, Nov 02 (APP):State Bank of Pakistan (SBP) and Peoples Bank of China (PBoC) have signed an memorandum of understanding (MoU) on establishing RMB (Chinese currency) clearing arrangements in Pakistan.
The MoU was signed by SBP Governor Jameel Ahmad and PBoC Governor Yi Gang, said SBP release on Wednesday.
The establishment of the RMB clearing arrangement in Pakistan will 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.
Follow the PNI Facebook page for the latest news and updates.
