On the evening of October 28th, the People's Network in Islamabad (the press channel 颉) held an opening ceremony in Islamabad, Pakistan's capital, at the Karachi branch of the China Chamber of Commerce and Industry, which serves as a clearing house for the Pakistani renminbi. The President of the Central Bank of Pakistan, Ahmad, the Minister of Finance of Pakistan, Aktar, the Vice-President of the Bank of Commerce and Industry of China, Zhang Wei Wu, and the Ambassador of China to Pakistan, Kang Rehoon, attended and made statements.
According to Ahmed, as the “one way forward” in co-establishment progresses, China's share in global trade continues to rise. In developing countries in particular, the renminbi has become one of the most widely used cross-border payment currencies in the world, and the international market's acceptance of the renminbi as an international currency has increased. In this context, the opening of the renminbi in Pakistan will contribute significantly to the development of economic and trade cooperation between China and Pakistan, including reducing the cost of financial liquidity, avoiding the risk of long-armed jurisdiction, building a more competitive pricing system, and expanding opportunities for cooperation in the export and import trade of enterprises from both countries, which will effectively enhance the liquidity and volume of trade.
Zhang Weiwu noted that, with the deepening of trade and trade between China and Pakistan, the previous agreements on monetary cooperation and exchange of currency between China and Pakistan had yielded significant results. With the opening of the renminbi, the Bank will function as a link to the central banks of the two countries, playing a role in local currency settlement, in providing renminbi liquidity and in improving the renminbi trading infrastructure. In addition, the two sides will cooperate more in the areas of RMB borrowing, bond issues, loans and financial market transactions, deepening banking relations between the two countries and achieving mutually beneficial co-benefits. It is expected that the RMB Clearing House will become a catalyst for financial cooperation between China and Pakistan, a catalyst for trade cooperation between China and Pakistan, and a catalyst for the construction of economic corridors between China and Pakistan.
The two countries have achieved fruitful results in various areas of economic and trade cooperation since the two countries moved forward with the construction of the “one-side road” and the construction of the China-Pakistan economic corridor. At the third “One Way Forward” International Cooperation Summit, the two countries further deepened their cooperation arrangements and charted the direction for future development cooperation. The recent development of cooperation between the two countries in the areas of agriculture and mining will be a key opportunity for the next phase of cooperation between the two countries. With the establishment of the Pakistani RMB Clearing House, it is expected that the financial cooperation between the two countries will deepen and lead to the development of the new phase in various areas.
The guests then joined the launch ceremony to witness the liquidation and opening of the Pakistani renminbi.