November 01, 2023 (MLN): The Industrial and Commercial Bank of China (ICBC) has granted approval for yuan (RMB) clearing services in Pakistan, Dr Gohar Ejaz, Federal Minister for Commerce & Industries informed through a post on X today.
Accordingly, ICBC will facilitate yuan transaction clearing for Pakistani banks.
He also appreciated the efforts put forth by Dr Shamshad Akhtar, Caretaker Finance Minister and the Governor of the State Bank of Pakistan (SBP) for making this possible.
This development simplifies cross-border transactions and fulfils financing needs for both countries.
It also provides more choices for our exporters and reduces currency conversion costs when trading with China.
He also encouraged the exporters to make the most of this opportunity for trade with China, strengthening our economic ties.
Exports are the driving force behind economic expansion. I firmly believe that diversifying our export portfolio will not only create fresh opportunities but also serve as a risk-mitigation strategy, providing access to unexplored markets and strengthening the resilience of our…
