Islamabad, The Industrial and Commercial Bank of China (ICBC) has approved Yuan (RMB) clearing services in Pakistan, a significant step towards enhancing financial cooperation and facilitating trade between the two countries.
According to Ministry of Information and Broadcasting,reports that the Minister for Commerce, Dr. Gohar Ijaz, announced the clearance. This initiative is expected to streamline cross-border transactions, meet the financial requirements of both nations, and offer exporters an alternative to reduce currency conversion costs when trading with China. The Minister encouraged exporters to capitalize on this new facility to bolster economic ties with China and thanked the Finance Minister and the Governor of the State Bank for their efforts in realizing this development.