By Zafar Hussain

 

 

BEIJING, Apr. 5 (China Economic Net) - Pakistan has been a long-time supporter of China's efforts to expand the use of Renminbi (RMB) as a global currency, said Ahsan Iqbal Chaudhary, Pakistan's Minister of Planning, Development and Special Initiatives on Tuesday.

 

Ahsan Iqbal told China Economic Net in an exclusive interview that recently, China has been ramping up support for RMB clearing and settlement in its foreign trade, especially with Belt and Road Initiative countries and Pakistan is one of the leading countries to use RMB for international trade settlement. 

 

“We are also promoting transactions in RMB for big projects under CPEC like ML-1 project, which is almost $8 to $9 billion. We are trying to structure its deal in RMB and we are already working with Chinese companies who have major projects with transactions made in RMB”, Ahsan added.

 

He further said that Pakistan already signed a memorandum of understanding (MoU) with China to facilitate the use of RMB in bilateral trade and investment. The agreement between China and Pakistan provides a platform for the two countries to foster closer economic ties and to promote trade and investment using RMB.

 

He said that after COVID-19, China is opening its door wider, which offers a great opportunity for the world economy. China’s growth will help the global growth back on track.