Pakistan, Chin Sign on MOU for RMB Clarence

Central banks of Pakistan and China have signed a Memorandum of Understanding (MoU) to establish renminbi (RMB) clearing arrangements in Pakistan.

The State Bank of Pakistan (SBP) and Peoples Bank of China (PBoC) have signed an agreement for the RMB (Chinese currency) clearance in Pakistan, the SBP stated.

According to a release from the SBP, the MoU was signed by the governors of the SBP, Jameel Ahmad, and the PBoC, Yi Gang, during the recent visit of Prime Minister Shehbaz Sharif to China.

“This will also promote bilateral trade and investment between the two countries,” according to the central bank.

SBP Governor Jameel Ahmad visited china with Prime Minister Shehbaz Sharif in a delegation.