SBP signs MOU with the PBOC

STATE BANK  and PBOC sign an MOU

KARACHI: State Bank of Pakistan (SBP) and Peoples Bank of China (PBOC) have signed a MOU on establishing RMB (Chinese currency) clearing arrangements in Pakistan, says a Press release.

The MoU was signed by Governor SBP Jameel Ahmad and Governor PBOC Yi Gang. The establishment of the RMB clearing arrangement in Pakistan will further boost usage of RMB for cross-border transactions among Chinese and Pakistani enterprises and financial institutions. This will also promote bilateral trade and investment between the two countries.