Pakistan considers dumping dollar for yuan in trade with China

[Muhammed45]

Pakistan considers dumping dollar for yuan in trade with China
Published time: 19 Dec, 2017 10:00
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© Global Look Press
https://t.co/IwJCBOoCYdpic.twitter.com/mnZNLnMI5y

— RT (@RT_com) December 18, 2017
Bilateral trade between Pakistan and China was worth $13.8 billion in 2015 to 2016, a decade after the countries signed a free trade agreement. Pakistan will continue to use the rupee domestically, according to Iqbal.

The LTP includes cooperation between the countries in energy, information network infrastructure, road and rail connections, trade and industrial parks, tourism, agriculture, and poverty alleviation. The plan will be implemented in three phases, the first ending in 2020, followed by another in 2025, with completion in 2030.



Iran & China seek to throw US dollar out of bilateral trade https://t.co/6NrjiBQnTJpic.twitter.com/XW2Yvqs6Sj

— RT (@RT_com) December 5, 2017
Under the plan, the countries intend to develop multi-level cooperation and strengthen policy coordination, as well as establish and improve the cross-border credit system and financial services. Karachi and Beijing are also planning to enhance currency swap arrangements and create a bilateral payment and settlement system.

China set to roll out petro-yuan before year end, dollar dominance demise looms? https://t.co/TiaiXjIB0Npic.twitter.com/iqmm0FRvKr

— RT (@RT_com) October 28, 2017
Earlier this year, China pledged to invest $57 billion in Pakistan to fund the CPEC project as part of its “Belt and Road” initiative, which aims to build a ‘New Silk Road’ of land and sea trade routes across more than 60 countries in Asia, Europe, and Africa.


https://www.rt.com/business/413608-pakistan-chinese-yuan-bilateral-trade/

 

[Muhammed45]

@Dalit USA the cornered sheep

 

[khail007]

It will be a P.I.A. for U.S.A.; U.S. will go to any extent for prevention of such trends.
All who are on such track to be more cautious and be more united against U.S.A. - The mother of all evils and suffering in this world.

 

[Path-Finder]

the deal where China will bring manufacturing industry or rather the country revives its manufacturing targeted at exporting goods. Then it's just switching suppliers and nothing more.

 

[VCheng]

@Dalit USA the cornered sheep

Or is it a wolf in sheep's clothing?

 

[xyxmt]

@Dalit USA the cornered sheep

So Iran-China bilateral trade in Yuan is in works too, with Pakistan-China trade also, mean all three countries can do trade in Yuan instead of dollars.

 

[Muhammed45]

So Iran-China bilateral trade in Yuan is in works too, with Pakistan-China trade also, mean all three countries can do trade in Yuan instead of dollars.

https://defence.pk/pdf/threads/iran-china-seek-to-eliminate-us-dollar-from-bilateral-trade.531940/

 

[Taimoor Khan]

https://www.dawn.com/news/1377459


Yuan may replace dollar in Pakistan-China trade
Khaleeq KianiDecember 19, 2017
1896
20

PLANNING and Development Minister Ahsan Iqbal and Chinese Ambassador Yao Jing attend launching ceremony of CPEC Long Term Plan on Monday.—Reuters

ISLAMABAD: Minister for Planning and Development Ahsan Iqbal said on Monday that the government was examining a proposal to replace the US dollar with the Chinese yuan for trade between China and Pakistan.

He was talking to journalists after the formal launch of Long Term Plan (LTP) for the China-Pakistan Economic Corridor (CPEC) 2017-30 signed by the two sides on Nov 21.

Newly-appointed Chinese Ambassador Yao Jing and officials of the provincial governments also attended the launching ceremony.

Asked if the Chinese currency could be allowed for use in Pakistan, Mr Iqbal said the Pakistani currency would be used within the country, but China desired that bilateral trade should take place in its currency — known as Renminbi (RMB) or yuan — and “we are examining the use of RMB instead of the US dollar for trade between the two countries”. He said the use of RMB was not against the interest of Pakistan, rather it would benefit the country.

CPEC Long Term Plan formally launched

The minister said China had not stopped CPEC-related investment in Pakistan as claimed by some quarters and all projects were going on with the process of feasibility studies and their scrutiny as had been the case with the first phase of investments. All projects already identified and committed by the two sides were going through the codal formalities and moved into the implementation phase on completion of these procedures, he explained.

The 26-page LTP document briefly covers seven broad areas of cooperation where the two sides have to contribute to each other in three phases, first ending 2020, followed by another in 2025 and then completing in 2030. The areas of cooperation include connectivity, energy, trade and industrial parks, agricultural development and poverty alleviation, tourism, people’s livelihood and exchange programmes and financial cooperation.

Both sides reiterated that the LTP would remain a moving document providing macroeconomic guidance for implementation of CPEC in the next phase. “The plan would be adjusted based on real situation as well as the consensus between the parties during the course of implementation…New routes, nodes and aspects may be considered for inclusion in future by mutual agreement,” reads the document.

Under the plan, the two countries agreed to explore multi-level cooperation mechanisms and strengthen policy coordination, including their own financial reforms and opening up, besides innovating financial products and services to control financial risks.

The two sides agreed to establish and improve cross-border credit system and financial services, strengthen currency swap arrangements and establish a bilateral payment and settlement system.

Published in Dawn, December 19th, 2017

 

[Dil Pakistan]

And I hope following should follow in this:

Iran
Russia
Turkey
Central Asian states

 

[Enigma_]

We should to it ASAP.

 

[Great Sachin]

good work

 

[Verve]

Banking mechanism already in place for while now, time for implementation!

 

[Tumba]

congratulations to pakistan

 

[cloud4000]

@Dalit USA the cornered sheep

$14 billion in trade between China and Pakistan. How exactly is the US cornered?

Or is it a wolf in sheep's clothing?

Pakistan is simply trading one currency for another. I guess they prefer yuan dominance over the US dollar. Their choice.

 

[VCheng]

Pakistan is simply trading one currency for another. I guess they prefer yuan dominance over the US dollar. Their choice.

Has the decision actually been made, or is it just being "considered" at present?