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The People's Bank of China headquarters in Beijing, April 13, 2022. /CFP
The People's Bank of China (PBOC) recently signed a memorandum of cooperation with the State Bank of Pakistan to establish renminbi clearing arrangements in Pakistan, China's central bank announced on Wednesday.
These arrangements will help enterprises and financial institutions in the two countries conduct cross-border transactions using the Chinese yuan. They will also further facilitate bilateral trade and investment, according to PBOC's statement.
Earlier on November 1, Pakistani Prime Minister Muhammad Shahbaz Sharif began an official visit to China, his first visit to China since he took office in April.
The two countries also on Wednesday vowed to expand cooperation in the digital economy, e-commerce, photovoltaics and other new-energy technologies, agriculture, science, technology, and people's livelihoods.
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Disinformation report hotline: 010-85061466