No to US-Dollar: Pakistan could start trade with China’s Yuan in the future

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Pakistan is considering a proposal to replace the US-Dollar with the Chinese Yuan for bilateral trade between Pakistan and China, the daily Dawn reported on Tuesday.

Bilateral trade between the two countries amounted to 13.8 billion US-Dollars in 2016.

Pakistan’s Interior Minister Ahsan Iqbal, who is responsible for planning and implementing economic relations between China and Pakistan, reported that he discussed the proposal. Iqbal said Pakistan will continue to use the domestic currency Rupee in Pakistan. But both countries are currently discussing a long-term cooperation plan.

The long-term plan highlights key areas of cooperation between the neighbouring countries, including road and rail links, information network infrastructure, energy, business and industrial parks, agriculture, poverty reduction and tourism.

The plan envisages that the two countries will extend their close economic cooperation within the China Pakistan Economic Corridor project (CPEC) till 2030.

Beijing has already pledged to invest $57 billion in Pakistan to finance CPEC under the new Silk Roads Initiative, which provides for the construction of new land and sea trade routes through more than 60 countries in Asia, Europe and Africa.



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