The central bank of Pakistan gave its green signal to use the Chinese yuan (CNY) for bilateral¹ trade and investment activities, ensuring that imports, exports and financing transactions can be denominated in the Chinese currency.

 

巴基斯坦央行批准使用中国人民币进行双边贸易与投资活动，确保可以使用人民币结算进出口以及金融业务。

 

In a press release late Tuesday, the State Bank of Pakistan (SBP) stated that Chinese yuan is an approved foreign currency for denominating foreign currency transactions in Pakistan.

 

"SBP has already put in place the required regulatory framework which facilitates use of CNY in trade and investment transactions," said the central bank.

 

In terms of regulations in Pakistan, CNY is at par² with other international currencies such as U.S. dollar, euro and Japanese yen³, etc, the statement further added.

 

Indicating deepening economic ties between the two all-weather friends, the central bank said that regarding recent local and global economic progress, specially⁴ an increase in trade and investment with China under China-Pakistan Economic Corridor (CPEC), it "foresees that CNY denominated trade with China will increase significantly going forward; and will yield long term benefits for both the countries."

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