Sunday, March 26, 2023
  • About Us
  • Contact Us
  • Privacy Policy
  • Disclaimer
Burj News
  • Home
  • Latest
  • World
    • Asia
    • Europe
    • Africa
    • America
  • Pakistan
    • National
  • News
  • Politics
  • Business
  • Sports
    • Cricket
  • Entertainment
  • Blogs
    • Culture
    • Opinion
    • Lifestyle
  • Urdu
No Result
View All Result
Burj News
  • Home
  • Latest
  • World
    • Asia
    • Europe
    • Africa
    • America
  • Pakistan
    • National
  • News
  • Politics
  • Business
  • Sports
    • Cricket
  • Entertainment
  • Blogs
    • Culture
    • Opinion
    • Lifestyle
  • Urdu
No Result
View All Result
Burj News
No Result
View All Result
Home Business

Pakistan Government Sign Agreement with China to use Chinese ‘Yuan’ for Transactions

Web Desk by Web Desk
November 4, 2022
in Business
0
Pakistan Government Sign Agreement with China to use Chinese 'Yuan' for Transactions

Pakistan Government Sign Agreement with China to use Chinese 'Yuan' for Transactions

493
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

Pakistan’s government signed an agreement with China government to use the Chinese “Yuan” for Transactions.

The central bank of China said in a statement that the central banks of Pakistan and China have signed a memorandum of cooperation regarding transactions in the Chinese currency Yuan in Pakistan.

Related posts

After Petrol Now Banana is out of reach as prices shoot upto 500 Rupees Dozen in Pakistan

After Petrol Now Bananas are out of reach as prices shoot upto 500 Rupees per Dozen in Pakistan

March 25, 2023
Banks will remain Open on Saturday & Sunday to facilitate Hajj Pilgrims

Banks will remain Open on Saturday & Sunday to facilitate Hajj Pilgrims

March 24, 2023

Also Read : Pakistan and China agreed to promote their multilateral cooperation on CEPEC & Other Area

According to a report, the development could pave the way for an alternative payment option for Pakistan that would increase the use of Yuan for cross-border transactions between Chinese and Pakistani businesses and financial institutions.

Pakistan and China agreed to promote their multilateral cooperation on CEPEC & Other Area
Pakistan and China agreed to promote their multilateral cooperation on CEPEC & Other Area

This development in the financial sector is seen as something that could also help Pakistan buy discounted Russian oil as the Chinese currency is acceptable to Russia, keeping in mind that Pakistan is currently paying for oil in US dollars

According to analysts, the mechanism will lessen Pakistan’s dependency on US dollars for bilateral transactions and ease the pressure on the country’s external account, The News reported.

“I think it’s a great move and beneficial for trade and investment. It will also reduce reliance on the US dollar for bilateral transactions,” said Mustafa Mustansir, head of research at Taurus Securities.

The yuan clearing arrangement is nothing new to Pakistan as the country has had a currency swap agreement with China since 2011.

But it’s not on large scale for trade purposes.

China’s President Xi Jinping said his country will continue to assist Pakistan in restoring stability to its finances, according to media reports.

As part of the $65 billion China-Pakistan Economic Corridor, Beijing has been involved in significant mining and infrastructural projects in Pakistan, notably the deep-water Gwadar port.

Tags: China currencyChina govermentChina YuanChinesePakistani Rupeepdm govermentPML-Npmshahbazsharif
Previous Post

District court sent Former Deputy Speaker of Punjab Assembly Dost Muhammad Mazari to Jail on Judicial Remand

Next Post

Pakistan Telecommunication Authority recommended federal government to start immediate work on 5G

Next Post
Pakistan Telecommunication Authority recommended federal government to start immediate work on 5G

Pakistan Telecommunication Authority recommended federal government to start immediate work on 5G

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

After Petrol Now Banana is out of reach as prices shoot upto 500 Rupees Dozen in Pakistan

After Petrol Now Bananas are out of reach as prices shoot upto 500 Rupees per Dozen in Pakistan

1 day ago
Use of Electricity in Government offices to be reduced by 30% - Prime Minister Shehbaz Sharif

Use of Electricity in Government offices to be reduced by 30% – Prime Minister Shehbaz Sharif

3 months ago
Chairman Senate Sadiq Sanjrani seeks support from political parties to prevent No-confidence motion against him

Chairman Senate Sadiq Sanjrani seeks support from political parties to prevent No-confidence motion against him

4 months ago
Man sues his Girlfriend after knowing that she only wants to keep him as a friend, not as a life Partner

Man sues his Girlfriend after knowing that she only wants to keep him as a friend, not as a life Partner

2 months ago

BROWSE BY CATEGORIES

  • America
  • Asia
  • Blogs
  • Business
  • Cricket
  • Culture
  • Education
  • Entertainment
  • Europe
  • Health
  • Latest
  • Lifestyle
  • National
  • News
  • Opinion
  • Pakistan
  • Politics
  • Science
  • Sports
  • Tech
  • Travel
  • Uncategorized
  • World

POPULAR NEWS

  • Dani Daniels respond to Twitter after Bazid Khan mistakenly called her during the live cricket match

    Dani Daniels respond to Twitter after Bazid Khan mistakenly called her during the live cricket match

    1618 shares
    Share 647 Tweet 405
  • Punjab Government likely to extend School’s winter vacations for one more week

    796 shares
    Share 318 Tweet 199
  • Actor Feroze Khan files Defamation case against ten leading celebrities of Pakistan

    746 shares
    Share 298 Tweet 187
  • Actress Sajal Aly responds to Social media rumors alleged by Maj (r) Adil Raja

    631 shares
    Share 252 Tweet 158
  • People Shocked after hearing that 14 Million Pakistani will Get Visa Easily!

    607 shares
    Share 243 Tweet 152
Logo-2

Burj News is the 21st Century Most Popular Internet News , Which Provide you the Most Authentic and Viral And Reliable News.

Follow us on social media:

Recent News

  • NASA’s Hubble Telescope Captures the image of Galactic Jellyfish in Space
  • Russia warns NATO over its military support for Ukraine
  • Your one-sided letter Depicts PTI’s Press Release, PM Shehbaz Sharif replied to President

Category

  • America
  • Asia
  • Blogs
  • Business
  • Cricket
  • Culture
  • Education
  • Entertainment
  • Europe
  • Health
  • Latest
  • Lifestyle
  • National
  • News
  • Opinion
  • Pakistan
  • Politics
  • Science
  • Sports
  • Tech
  • Travel
  • Uncategorized
  • World

Contact

Office 4026
182-184 High Street North
East Ham , London , UK

Phone: +447418 344879

Office No 27 Satellite Town Quetta,
Quetta, Balochistan, Pakistan
Phone: 0812441251

Email: info@burjnews.com

  • About Us
  • Corrections Policy
  • People
  • Ethics Policy
  • Fact-Checking Policy
  • Ownership & Funding Info

© 2022 Burj News - All Right Reserved

No Result
View All Result
  • Home
  • Latest
  • World
    • Asia
    • Europe
    • Africa
    • America
  • Pakistan
    • National
  • News
  • Politics
  • Business
  • Sports
    • Cricket
  • Entertainment
  • Blogs
    • Culture
    • Opinion
    • Lifestyle
  • Urdu

© 2022 Burj News - All Right Reserved