China welcomes bilateral trade in Yuan

07:28 PM | 4 Jan, 2018
China welcomes bilateral trade in Yuan
BEIJING - China has welcomed Pakistan's move allowing the yuan to be used for imports, exports and financial transactions for bilateral trade and investment activities.

China's Foreign Ministry Spokesperson Geng Shuang said on Thursday that bilateral monetary cooperation has been deepening since China and Pakistan signed a bilateral currency swap agreement in 2011.

“At present, various forms of trade and investment cooperation between China and Pakistan have developed in depth,” he added.

Pakistan's central bank had stated on Tuesday that public and private sector enterprises may use the yuan for bilateral trade and investment.

Additionally, the State Bank of Pakistan is taking measures to ensure that imports, exports and financing transactions can be denominated in yuan (RMB) in both public and private sectors (both Chinese and Pakistani) and people are free to choose RMB for bilateral trade and investment activities.

Both public and private sector enterprises may use the yuan for bilateral trade and investment, the State Bank of Pakistan had said in a statement on Tuesday.

"As per current foreign exchange regulations, Chinese Yuan (CNY) is an approved foreign currency for denominating foreign currency transactions in Pakistan," it said.

"In terms of regulations in Pakistan, CNY is at par with other international currencies such as USD, Euro and JPY," it added.

"We encourage market players in both countries to use domestic currency settlement in bilateral trade and investment and welcome Pakistan's initiatives," replied Shuang when asked to comment on Pakistan's move.

Beijing believes this will provide a good financial environment for bilateral economic, trade and investment cooperation and the construction of the China-Pakistan Economic Corridor, he added.

The $54 billion CPEC was launched in 2013 to link western China to the Indian Ocean via Pakistan and has been hailed as a "game changer" by Pakistani officials.

Daily Pakistan Global Web Desk


Rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 25 Feb 2024 forex rates

Pakistani rupee remains stable against US dollar in the open market on February 25, 2024 (Sunday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.5 for buying and 282.55 for selling.

Euro currently stands at 302 for buying and 305 for selling while British Pound rate stands at 352.5 for buying, and 356 for selling.

UAE Dirham AED hovers at 76.1 whereas the Saudi Riyal saw slight increase, with new rates at 74.35.

Today’s currency exchange rates in Pakistan - 25 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.5 282.55
Euro EUR 302 305
UK Pound Sterling GBP 352.5 356
U.A.E Dirham AED 76.1 76.8
Saudi Riyal SAR 74.35 75.1
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.88 751.88
Canadian Dollar CAD 207 209
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.76 36.11
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 908.79 917.79
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 726.53 734.53
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207 209
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 317.87 320.37
Thai Bhat THB 7.79 7.94


Follow us on Facebook

Follow us on Twitter

Sign up for Newsletter