BEIJING: A webinar on “Boosting High-Quality CPEC Development: Path and Operation Instruction of RMB Settlement” was held, where Chinese and Pakistani banking experts have discussed the policies, procedures, guidelines and cases of RMB settlement.
According to a report, Nong Rong, Chinese Ambassador to Pakistan, said at the event that China-Pakistan trade volume reached USD 17.49 billion in 2020 and that increased use of RMB in bilateral trade “will surely attract more Chinese and Pakistani enterprises to make full use of the second phase of China-Pakistan FTA protocol and further promote bilateral economic and trade cooperation and the high-quality development of CPEC.”
The importance of RMB settlement in bilateral trade is also emphasised by Mr Muhammad Ali Malik, Executive Director, Financial Markets & Reserve Management, State Bank of Pakistan. He also introduced the policy and regulatory support of SBP for RMB-based trade.
“RMB is on a par with other international currencies and public and private sectors in Pakistan are free to choose RMB for bilateral trade and investment activities.” he mentioned.
To aid importers and exporters from both countries in RMB settlement, experts from major Chinese and Pakistani banks introduced the policies, procedures and cases of RMB settlement.
Ms Xuexue Lang, Head of Corporate Banking Department, ICBC Karachi, said that the use of RMB in China-Pakistan trade can be cost-saving and risk-mitigating and that Pakistani importers and exporters, whether individual or institutional investors, can benefit from the favourable policies in China.
She also introduced the procedures, the range of services offered and cases of RMB settlement. – Agencies
