BEIJING: Pakistan had been a long-time supporter of China’s efforts to expand the use of the Renminbi (RMB) as a global currency, said Minister of Planning, Development and Special Initiatives, Ahsan Iqbal.

Talking to China Economic Net (CEN) during his visit to Beijing, he said that recently, China had been ramping up support for RMB clearing and settlement in its foreign trade, especially with Belt and Road Initiative countries and Pakistan was one of the leading countries to use RMB for international trade settlement.

“We are also promoting transactions in RMB for big projects under CPEC like the ML-1 project, which is almost $8 to $9 billion.

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We are trying to structure its deal in RMB and we are already working with Chinese companies who have major projects with transactions made in RMB,“ Ahsan added. He said that Pakistan already signed a memorandum of understanding (MoU) with China to facilitate the use of RMB in bilateral trade and investment.

The agreement between China and Pakistan provides a platform for the two countries to foster closer economic ties and promote trade and investment using RMB.

He said that after COVID-19, China was opening its door wider, which offers a great opportunity for the world economy. China’s growth will help global growth back on track.