The central bank of China has allowed Habib Bank(HBL) trade/remittance settlements in Chinese currency (RMB), according to banking sources here. "Peoples Bank of China has granted permission to HBL of Pakistan to open its RMB account and facilitate trade/remittance settlements between China and Pakistan", sources told APP.
With this arrangement in place, Chinese corporate need not worry about exchange fluctuations and can conveniently contract with Pakistans public sector enterprises and corporate sector to avail these opportunities that Pakistan offers in the form of infrastructure development, modernisation of industries, joint ventures and trade.
Opening of RMB account in China is one more new initiative of HBL Beijing Representative Office to bring the business communities of the two friendly nations even more close. The HBL has already set up arrangements for direct dollar remittance between the two countries, sources added. The representative office of HBL is very active in the Chinese market, and local corporate are appreciative of its commitment with them.
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