Lahore November 2 2023: Industrial and Commercial Bank of China (ICBC) has granted approval for yuan (RMB) clearing services in Pakistan, says Federal Minister for Industries Dr. Gohar Ejaz.
This means ICBC will facilitate yuan transaction clearing for Pakistani banks.
“I extend my gratitude to the Finance Minister, and the Governor of the State Bank of Pakistan, for their persistent efforts in making this possible” the minister added.
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.
He encourages exporters to make the most of this opportunity for trade with China, strengthening our economic ties.