ICBC grants approval for Yuan clearing services in Pakistan

BEIJING, Nov 3- In a move aimed at boosting bilateral trade and strengthening economic ties, Pakistan has announced the launch of Renminbi (RMB) clearing services in the country. The introduction of these services is expected to fulfill the financing needs of both Pakistan and China, said Dr. Gohar Ejaz, federal minister for commerce & industry.

“I’m pleased to announce that the Industrial and Commercial Bank of China (ICBC) has granted approval for yuan (RMB) clearing services in Pakistan. This means ICBC will facilitate yuan transaction clearing for Pakistani banks” Dr. Gohar stated.

He extended his gratitude to the Finance Minister of Pakistan , and the Governor of the State Bank of Pakistan for their persistent efforts in making this possible.

Commerce and Industry Minister said that this development simplifies cross-border transactions and fulfills financing needs for both countries. It also provides more choices for our exporters and reduces currency conversion costs when trading with China.

“I encourage our exporters to make the most of this opportunity for trade with China, strengthening our economic ties”, he added.

The Minister emphasized that this initiative would enable Pakistani businesses to directly settle their transactions in RMB, eliminating the need for intermediate currency conversions and reducing associated costs. This move is expected to enhance trade competitiveness and promote greater economic integration between Pakistan and China.