Pakistan has inaugurated the Renminbi (RMB) clearing bank in Islamabad, strengthening its economic ties with China and signalling a significant leap forward in Sino-Pak collaboration.
Caretaker Finance Minister, Dr. Shamshad Akhtar, made a statement at the inauguration, expressing Pakistan's keen interest in the use of the Chinese currency, RMB, for trade and investment purposes.
"China has long been Pakistan's largest trading partner and a key source of investment, making this new initiative a pivotal milestone in their economic partnership." said Shamshad Akhtar
The RMB clearing bank in Islamabad will facilitate the clearance of RMB transactions within Pakistan.
Dignitaries and officials from both nations, including China's Ambassador to Pakistan, Mr. Jiang Zaidong, were present at the prestigious launch event held at the Jinnah Convention Centre in Islamabad.
It is expected to streamline the integration of Pakistan and China into the offshore RMB markets.
This move will not only enhance cross-border trade but also promote cooperation in various industries, marking a significant step towards regional economic collaboration.
Ambassador Jiang Zaidong underscored the importance of financial support from both nations financial institutions for the success of their joint endeavors.
Especially in the context of the Belt and Road initiative, which is pivotal for economic development in the region.
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