General

Pakistan mulls using Chinese currency in bilateral trade, Ahsan Iqbal

Interior Minister Ahsan Iqbal has said that Pakistan is considering using the Chinese Yuan instead of the US dollar for bilateral trade to avoid constant currency conversion.
Iqbal, who’s also heading the planning ministry, said this at the inauguration ceremony of the Long-Term Plan of the China-Pakistan Economic Corridor (CPEC) in Islamabad on Monday.
China has also been pressing Pakistan to allow the use of the renminbi (RMB)  the official name of its currency  as a currency in the Gwadar Free Zone.
Pakistan rejected the proposal last month, saying such a move would compromise its ‘economic sovereignty’.
Iqbal reiterated that the use RMB or any other currency would not be permitted in Pakistan, adding that consideration is being given to using RMB for trade between Pakistan and China only.