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Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
Islamabad, November 26 (Xinhua) — Pakistan has created a comprehensive regulatory framework to support the use and investment of the Chinese currency (yuan), State Bank of Pakistan (SBP) Managing Director Muhammad Malik said on Tuesday at an event to mark the 10th anniversary of the internationalization of the yuan in Pakistan.
The yuan has great potential in Pakistan and is expected to bring additional benefits to all stakeholders, said M. Malik, noting that the country already has a robust regulatory system that facilitates the use of the yuan and investment in this currency.
The SBP has implemented a series of initiatives to raise awareness of the renminbi, strengthen clearing and settlement capabilities, and ensure that local businesses and banks fully understand the benefits of conducting transactions in renminbi, the director added.
In November 2022, the People's Bank of China granted the Industrial and Commercial Bank of China Karachi branch a license to conduct clearing activities for renminbi settlements in Pakistan.
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