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Pakistan's State Bank Green Lights Yuan-Based Trade With China

Posted By: tonzal
Date: Wednesday, 3-Jan-2018 12:29:59

Other posts at BattleForWorld website:


SPUTNIKNEWS - January 3, 2018: The State Bank of Pakistan (SBP) has announced that all arrangements for using the Chinese currency for trade and investment are already in place.

The central bank of Pakistan has given permission for the Chinese yuan to be used for investment and bilateral trade deals, which will eventually replace the dollar in Pakistan-China trade.

The increase in trade and investment with China under the China-Pakistan Economic Corridor (CPEC) makes it easier for Pakistan to see that CNY-denominated trade with China will increase significantly and will provide with long term benefits for both the countries.

"SBP has already put in place the required regulatory framework which facilitates use of CNY in trade and investment transactions," the press release of the central bank stated.

Pakistan and China have also agreed to establish and improve cross-border credit systems and financial services. In the near future plans strengthening currency swap arrangements and the establishment of a bilateral payment and settlement system will also take place.

Hence with the central bank’s approval this cooperation will take on another dimension as it means that Pakistani and Chinese banks will, in the course of time, be able to open import letters of credit in rupees and yuan.

Pakistan will be able to pay for imports from China in yuan rather than in dollars, and Chinese companies investing in CPEC projects will bring in yuan-denominated funds to Pakistan and remit back their profits and dividends also in yuan instead of dollars or other foreign currencies.

"The SBP, in the capacity of the policy maker of financial and currency markets, has taken comprehensive policy related measures to ensure that imports, exports and financing transactions can be denominated in yuan," Dawn news reported quoting the bank's statement.

“The dollar may remain the most dominant medium of exchange for the foreseeable future. But if Islamabad and Beijing can materialize their dream [to settle bilateral trade and investment transactions in rupees and yuan], we can reduce our dependence on the greenback gradually over a long time,” the head of a large Pakistani bank told Dawn news in a comment.


The banker also said that once proper developments are made the free flow of capital and cross-border transfer of lawful funds between the two countries would become much easier, curbing the need for more complex centralized international clearing systems in New York and London.

END


US Decides to Suspend Multimillion Military Aid to Pakistan

SPUTNIKNEWS - January 1, 2018: The US authorities decided to withhold $255 million in military aid to Pakistan after US President Donald Trump’s critical remarks about the south Asian country, local media reported.

The United States does not plan to spend the $255 million in [Fiscal Year] 2016 Foreign Military Financing for Pakistan at this time … The president has made clear that the United States expects Pakistan to take decisive action against terrorists and militants on its soil, and that Pakistan’s actions in support of the South Asia Strategy will ultimately determine the trajectory of our relationship, including future security assistance,” a national security official told the Fox News broadcaster on Monday.

On Monday, Trump wrote on his Twitter page that the United States had allocated millions of dollars in aid to Pakistan, while the latter had not contributed to countering terrorism and provided safe harbor to terrorists from Afghanistan. The US president vowed to stop providing financial aid for Pakistan.

The United States has foolishly given Pakistan more than 33 billion dollars in aid over the last 15 years, and they have given us nothing but lies & deceit, thinking of our leaders as fools. They give safe haven to the terrorists we hunt in Afghanistan, with little help. No more!

END



Pakistan’s State Bank Green Lights Yuan-Based Trade With China




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