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President PBIF terms Pak-China Currency Swap Agreement a brilliant move

President PBIF terms Pak-China Currency Swap Agreement a brilliant move

ISLAMABAD: President Pakistan Businessmen and Intellectuals Forum (PBIF) and former provincial minister Mian Zahid Hussain on Friday termed Pak-China Currency Swap Agreement (CSA) a brilliant move.

The business community welcomes the deal which will reduce country’s dependence on the US, which has crossed all limits to malign and damage Pakistan, a press release issued here said.

He said the government’s move to allow the Yuan to be used for imports, exports and financing transactions will water down the impact of threats of US President, who is blaming Pakistan for the failure of America in Afghanistan.

Mian Zahid said that after the CSA, Pakistan may not need IMF help, which would help the government to avoid harsh conditions linked to the loan of the international lender, as China has provided a loan of 10 billion Yuan to Pakistan, which is almost equal to 8.5 billion dollars.

He said that the government and private sectors of both the countries should be encouraged to use Yuan for trade and investment, which would push bilateral ties to the new heights.

Yuan is at par with other international currencies such as US dollar, Euro and Japanese Yen while Chinese economy is more stable than rest of the countries, therefore, it will yield many long-term benefits for both the friendly nations, the veteran business leader said.

The recent local and global economic developments, particularly the threats by the US President and the growing size of trade and investment with China the use of Yuan will increase significantly and will yield long-term benefits for both countries, their business communities and masses.

Over the decades, China has proved to be much more trustworthy than America, therefore, the dollar should no more remain dominated on the economic scene, he said.