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SBP asked to allow traders to open accounts in RMB

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KARACHI: The new bilateral swap agreement (BSA) between People’s Bank of China (PBC) and the State Bank of Pakistan (SBP) would reflect strengthening trade and investment relations between the two countries.
Senior vice Chairman of Pakistan China Business Council (PCBC) Javed Khalili said BSA between SBP and PBC has been implemented in May 2013 but he regretted that it was just implemented by order and not practically implemented.
This agreement would be practically implemented when the State Bank would allow the traders to open their account in Chinese currency (RMB).
Mazhar Ali Nasir acting President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and Chairman of PCBC of FPCCI in a meeting with the Ma Ya Hao Consul General of China in Karachi said the BSA would make it easier to the traders of both countries to settle cross-border trade and direct investment in RMB.
The Consul General appreciated the efforts of FPCCI in promoting the bilateral relations between both the countries and expressed his gratitude to the pivotal role of PCBC of FPCCI for enhancing and strengthens the bilateral trade relation.
He informed for the last several years China has implemented policies to promote the international use of its national currency RMB for which we have signed BSAs with different countries.
He said there was need to give awareness to the business community of both the countries through difference seminars and convention. 
He assured his best cooperation for developing long lasting relations amongst the business community of both the countries.
Secretary General of FPCCI M A Lodhi presented a brief picture to Consul General about the structure and working plan of FPCCI.
Khurram Sayeed vice President FPCCI said the trade between China and Pakistan was increasing day by day and FPCCI was actively engaged in several activities in China through different trade fairs and exchange of trade delegations which were organised throughout the year in China.
FPCCI has two offices in China one in Chengdu and the other is in Kunming and now we are planning to open another office in Shanghai for which FPCCI seeks necessary support and cooperation of the Chinese Consulate. 
He informed FPCCI was planning to organise a single country exhibition of Pakistan in China. The Chinese Consul General assured him for full support in this regard.

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