Current Affairs Telugu Daily
Pakistan’s central bank allows yuan-based trade with China
Pakistan’s central bank has allowed the Chinese yuan to be used for bilateral trade and investment activities, a move which could replace the US dollar for transactions in strategic CPEC projects.
The State Bank of Pakistan (SBP) said that all arrangements for using the Chinese currency for trade and investment were already in place.
The adoption of yuan means that Pakistan and China would be able to replace the US dollar for transactions in the $50-billion China Pakistan Economic Corridor (CPEC) projects.
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