{"id":102622,"date":"2024-02-26T20:03:38","date_gmt":"2024-02-26T15:03:38","guid":{"rendered":"https:\/\/pni.net.pk\/en\/?p=102622"},"modified":"2024-02-27T14:21:55","modified_gmt":"2024-02-27T09:21:55","slug":"rupee-yuan-to-join-uae-payment-system-to-boost-multilateral-trade-expert","status":"publish","type":"post","link":"https:\/\/pni.net.pk\/en\/latest-business-news\/rupee-yuan-to-join-uae-payment-system-to-boost-multilateral-trade-expert\/","title":{"rendered":"Rupee &#038; Yuan to join UAE payment system to boost multilateral trade: Expert"},"content":{"rendered":"<p>BEIJING, Feb. 26 (APP):UAE-based cross-border payment system BUNA, is set to expand to include currencies from Pakistan, China, India, and several African and European countries by 2024-25.<\/p>\n<p> The system is already connected to 108 live banks across 14 countries, with an additional 105-plus banks set to onboard the platform. Currently, six currencies including four from the Arab region, namely UAE dirham, Saudi riyal, Egyptian pound, and Jordanian dinar, as well as the US dollar and European single currency euro, are part of the platform, processing real-time funds transfer cost-effectively.<\/p>\n<p> \u201cThe inclusion of rupee in the payment system will improve the efficiency of cross-border currency transactions in Pakistani banks and help deepen Pakistan\u2019s international economic, trade and investment cooperation, Ren Haiping, Deputy Head of Department of Strategic Research, China Center for International Economic Exchanges (CCIEE), told China Economic Net.<br \/>\n\u201cThe vital significance of financial infrastructure in curbing systemic financial risks and improving financial market stability is self-evident, thus Buna could help improve Pakistan\u2019s financial market infrastructure and promote local development of cross-border currency business. In addition, this will help attract more foreign companies to make full use of Buna to deepen cooperation with Pakistan to promote the improvement of Pakistan\u2019s economic situation.\u201d<\/p>\n<p>Last year, Pakistan used RMB to pay for crude oil from Russia for the first time, which could be described as a profound impact on Pakistan\u2019s economic development and the global economic pattern. RMB settlement has not only simplified the transaction process, but also reduced transaction costs.<br \/>\n\u201cCurrently, the dominance of the U.S. dollar in international trade and finance is being questioned increasingly, and many countries have begun to seek diversified currency settlement and reserve methods to reduce dependence on a single currency. Against this background, Pakistan\u2019s decision has certain significance demonstration effect.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BEIJING, Feb. 26 (APP):UAE-based cross-border payment system BUNA, is set to expand to include currencies from Pakistan, China, India, and several African and European countries by 2024-25. The system is already connected to 108 live banks across 14 countries, with an additional 105-plus banks set [&#8230;]<\/p>\n<p>\n","protected":false},"author":2,"featured_media":102623,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[17836,1124,17835,17834],"class_list":["post-102622","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-business-news","tag-multilateral-trade","tag-rupee","tag-uae-payment-system","tag-yuan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Rupee &amp; Yuan to join UAE payment system to boost multilateral trade: Expert<\/title>\n<meta name=\"description\" content=\"Rupee &amp; Yuan to join UAE payment system to boost multilateral trade: Expert\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pni.net.pk\/en\/latest-business-news\/rupee-yuan-to-join-uae-payment-system-to-boost-multilateral-trade-expert\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Rupee &amp; 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