ISLAMABAD: In a significant development, the Industrial and Commercial Bank of China (ICBC) has granted its official approval for yuan (RMB) clearing services in Pakistan.
This milestone signifies a substantial leap forward in facilitating financial transactions between Pakistan and China. Dr. Gohar Ejaz, Federal Minister for Industries & Production Division, announced this momentous achievement on Twitter. In his tweet, he expressed his pleasure at ICBC’s decision, emphasizing its potential impact on cross-border trade and finance.
One of the key implications of this approval is that ICBC will now play a crucial role in clearing yuan transactions for Pakistani banks. This move is expected to simplify cross-border transactions, meeting the financial requirements of both nations effectively.
Dr. Ejaz extended his gratitude to the Finance Minister and the Governor of the State Bank of Pakistan for their unwavering efforts in bringing about this significant development. He acknowledged that their persistent work has paved the way for this milestone development between the two countries.
Furthermore, this development offers a broader array of options for Pakistani exporters, thereby reducing currency conversion costs when conducting trade with China. He said this not only boosts trade opportunities but also strengthens the economic ties between the two nations.
Dr. Ejaz encouraged Pakistani exporters to seize this opportunity, as it promises to enhance trade with China and contribute to the growth of economic relations between the two countries.
