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RCCI lauds decision to do business in Pakistani & Chinese currency

RCCI lauds decision to do business in Pakistani & Chinese currency

 

RAWALPINDI: The Rawalpindi Chamber of Commerce and Industry (RCCI) president Malik Shahid Saleem lauded the joint declaration where Pakistan and China agreed to do business in Pakistani rupee and Chinese currency Yuan during the visit of Prime Minister Imran Khan to Beijing, China. This agreement between China and Pakistan will bring dollar value down in the country, he said.

Addressing executive committee meeting RCCI President Malik Shahid Saleem said that the trade volume between Pakistan and China reached around $14 billion which includes Pakistan’s exports share around $2 billion and Chinese exports to Pakistan worth $12 billion. The announcement of currency-swap will help balance of trade with China.

He said to meet the current challenge of balance of exports to China, there is a need to revise preferential list of items under free trade agreements with Chinese Government and we expect that PM Imran Khan must have taken this issue during his visit. He also appreciated the extension of currency swap arrangement (CSA) between State Bank of Pakistan (SBP) and People’s Bank of China (PBOC).

This will promote the usage of local currencies in bilateral trade and investment and strengthening financial cooperation between the two countries,” he added.

RCCI Chief, however, urged Government to increase the number of bank branches dealing in local currencies. Also, asked the State Bank of Pakistan (SBP) to place the required regulatory framework which facilitates use of yuan in trade and investment transactions such as opening of letter of credits (LCs) and availing financing facilities in yuan.