Governor State Bank of Pakistan Jameel Ahmad has suggested using Chinese currency Renminbi for settling cross-border trade and investment transactions with China.

He said while addressing a ceremony on “Promoting the use of RMB in Cross-Border Settlement” in Islamabad.

The ceremony was organized by ICBC Bank to mark it’s designation as the RMB clearing agent in Pakistan.

Governor SBP elaborated that the SBP has put in place the required regulatory framework that facilitates use of RMB in trade and investment transactions.

Governor SBP also expressed hope that Pakistani businesses will enhance their understanding of the Chinese market and evaluate the benefits of conducting trade in RMB at a more competitive pricing.