The exchange rate of the Pakistani rupee was previously linked to the British pound. Yahya Khan linked it to the US dollar. Kind of took advantage and drove him close to bankruptcy. In such a situation, China is the only country that has supported Pakistan in every difficulty. The establishment of China-Pakistan Currency Bank is an important link in this regard. Addressing the inauguration ceremony of RMB Clearing Bank in Islamabad, Caretaker Finance Minister Shamshad Akhtar has said that the establishment of the bank will facilitate the integration of offshore markets in Pakistan and China and facilitate business transactions in various sectors.
Chinese Ambassador Jiang Zedong said on this occasion that China
has been Pakistan's biggest trade partner and biggest source of investment for
many years and wants to stabilize its economy through RMB in Pakistani trade
and investment. Is. The four-season strategic cooperation between China and
Pakistan requires strong support from the financial departments of
both. The establishment of the RMB Clearing Bank is an important
development in promoting Belt and Road cooperation and the success of CPEC
projects. The RMB will ease the pressure on Pakistan's foreign exchange
reserves and facilitate international transactions. It is gratifying that
the use of RMB has continued to increase, increasing opportunities for trade
and investment. It is using it as a weapon for exploiting countries and forcing
these countries to accept its arbitrary conditions, which is increasing the
wealth of Western countries and the poverty of backward countries. This
situation is disturbing for many countries. And they are considering it more
beneficial to use Chinese Yuan instead of Dollar.
The yuan is attractive to Arab countries for oil trade. Saudi Arabia prefers to use RMB for trade and economic communication. Iran, Brazil, Argentina and some other countries are also taking this option. The use of RMB has become indispensable for Pakistan to avoid the blackmailing of financial institutions of the West. Another advantage is to save Pakistan from the political game of Western countries. Pakistan has suffered a lot at the hands of IMF and other financial institutions. Preference was given to Pakistan for setting up the Clearing Bank, which is an eternal example of Pakistan-China friendship. For increasing international trade and foreign investment, this system will prove to be very beneficial for Pakistan. Due to the connection with this system, not only the blackmailing of the IMF and other western financial institutions will be saved, but these institutions themselves will be freed from Pakistan. They will be forced to make contacts and simplify their terms. With the expected measures to stop smuggling and hoarding, the Pakistani rupee is already stabilizing against the dollar, resulting in a reduction in the intensity of inflation, RM said. This from B.
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