Direct settlement in RMB to balance possible trade fluctuations caused by dollar.
ISLAMABAD -- Coordinator to Federal Tax Ombudsman Meher Kashif Younis on Thursday said that direct settlement and clearing in RMB between China and Pakistan will help balance greatly the possible trade fluctuations caused by changes in US dollars.
Speaking at a seminar on 'Prospects of PKR-RMB Settlement and Clearing', he said that RMB clearing can be fast track for China and Pakistan to further deepen industrial cooperation in financing and purchasing, said a press release.
He said the trade volume of Belt and Road countries has reached 11.6 trillion Yuan last year. If RMB clearing and settlement is fully encouraged, trade efficiency in countries along the Belt and Road will improve, as will more extensive financial cooperation.
He said according to a settlement on the People's Bank of China, these arrangements will facilitate enterprises and financial institutions in both countries...
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