The State Bank of Pakistan (SBP) Governor, Jameel Ahmad, has emphasized the importance of using the Chinese Renminbi (RMB) in cross-border trade and investment transactions to strengthen economic and financial ties between Pakistan and China. At an event organized by ICBC Bank in Islamabad, he highlighted that the SBP has established regulatory frameworks to facilitate the use of RMB in trade and investment activities, making it as accessible as other international currencies like the US Dollar or Euro. This initiative has resulted in a significant increase in RMB-denominated imports from China in recent years.
Ahmad also discussed the benefits of a local RMB clearing system, including faster transaction processing and reduced costs for the local banking sector. He encouraged banks to educate their customers about conducting transactions in RMB and urged Pakistani businesses to explore the advantages of competitive pricing when trading in RMB with China.
The event celebrated ICBC Bank’s designation as the RMB clearing agent in Pakistan by the People’s Bank of China. The SBP remains committed to providing policy and regulatory support to strengthen economic and financial ties between Pakistan and China for the mutual benefit of consumers and businesses, highlighting the long-term benefits of this initiative for the relationship between the two countries and Pakistan’s economy.