SBP signs MoU with PBOC
KARACHI: The State Bank of Pakistan (SBP) and the People’s Bank of China (PBOC) have signed a Memorandum of Understanding to set up RMB (Chinese currency) clearing arrangements in Pakistan, a press release said.
The MoU was signed by Governor SBP Jameel Ahmed and Governor PBOC Yi Gang. The establishment of an RMB clearing system in Pakistan will further encourage the use of RMB for cross-border transactions between Chinese and Pakistani enterprises and financial institutions. This will also boost bilateral trade and investment between the two countries.