President Pakistan Businessmen and Intellectuals Forum (PBIF) Mian Zahid Hussain has said the government's move to allow the Yuan to be used for imports, exports and financing transactions will water down the impact of threats of US President who is blaming Pakistan for the failure of America in Afghanistan. He said that over the decades, China had proved to be much more trustworthy than America; therefore the dollar should no more remain dominated on the economic scene.
Terming Pak-China Currency Swap Agreement (CSA) a brilliant move, .he said the business community welcomed the deal which would reduce country's dependence on the US which had crossed all limits to malign and damage Pakistan to please India and cheat its own masses.
Mian Zahid Hussain said after the CSA, Pakistan might not need IMF help as badly as expected which would help the government to avoid harsh conditions linked to the loan of the international lender as China had provided a loan of 10 billion Yuan to Pakistan which was almost equal to 8.5 billion dollars.
He said the government and private sector of both the countries should be encouraged to use Yuan for trade and investment which would push bilateral ties to the new altitude. "Yuan is at par with other international currencies such as US, Euro and JPY while Chinese economy is more stable than rest of the countries, therefore, it will yield many long-term benefits for both the friendly nations," the veteran business leader said.
The recent local and global economic developments, particularly the threats by the US President and the growing size of trade and investment with China, the use of Yuan will increase significantly and will yield long-term benefits for both the countries, their business communities and masses.