Pakistan Drops US Dollar, Euro To Trade With China In RMB Yuan

[beijingwalker]

Pakistan Drops US Dollar, Euro To Trade With China In RMB Yuan​

Apr 17, 2023

Professor Ahsan Iqbal, Pakistan’s Minister of Planning, Development and Special Initiatives, has stated that Pakistan is a long-time supporter of China’s efforts to expand the use of the Renminbi (RMB) as a global currency.

China has 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 promoting transactions in RMB for big projects under CPEC like the Main Line 1 project, which is almost US$9 billion. 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 said.

Pakistan has 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.

https://www.silkroadbriefing.com/news/2023/04/17/pakistan-drops-us-dollar-euro-to-trade-with-china-in-rmb-yuan/

 

[R2D2]

Good decision but if it is for Railway Line, it is useless as we already have a functioning Railway Line and just a debt trap.

 

[JackTheRipper]

Good decision but if it is for Railway Line, it is useless as we already have a functioning Railway Line and just a debt trap.

Have you checked trains speed?
especially Karachi to Lahore route, All railway line in South Punjab is nearly dead, i can confirm it. this is the reason trains speed is slow, avg trains speed in Pakistan are 120 km/h.

All railway lines in Pakistan are built in 1855

 

[SoulSpokesman]

@beijingwalker

Where will Pakistan gets its Yuan/RMB from? Since it exports little to China

Regards

 

[Trango Towers]

Good decision but if it is for Railway Line, it is useless as we already have a functioning Railway Line and just a debt trap.

Have you ever used the functioning railways ???

 

[JackTheRipper]

Russia and China not want trade in Dollars and Euro,
Saudi will not use Dollar with China in trade,
India will not use dollar in trade with Russia,

Russia and China replacing dollars with gold reserves.

 

[313ghazi]

I could have sworn a similar annoucement was made year ago..

China, Pakistan Agree to Conduct Bilateral Trade in Yuan

Unprecedented Chinese concession, officials and economists say, would go a long way in addressing Islamabad’s massive 87-percent trade deficit with Beijing and reducing pressure on Pakistan's depleting foreign currency reserves

www.voanews.com

2018....

 

[R2D2]

Have you checked trains speed?
especially Karachi to Lahore route, All railway line in South Punjab is nearly dead, i can confirm it. this is the reason trains speed is slow, avg trains speed in Pakistan are 120 km/h.

All railway lines in Pakistan are built in 1855

We should have bullet trains but it is a matter of affordability. Already economy has ran into the ground because of loans and their misappropriation. If a person is rich then he should use Air Travel. Otherwise, Trains at 60 - 80km/hr are just fine for a third world country like us. Why go into the debt trap just for lining politicians pockets? Now mindless growth is not the answer, survival strategy and going slow is the answer. Sukkur to Hyderabad Motorway is in problems due to corruption.
@Trango Towers

 

[JackTheRipper]

We should have bullet trains but it is a matter of affordability. Already economy has ran into the ground because of loans and their misappropriation. If a person is rich then he should use Air Travel. Otherwise, Trains at 60 - 80km/hr are just fine for a third world country like us. Why go into the debt trap just for lining politicians pockets? Now mindless growth is not the answer, survival strategy and going slow is the answer. Sukkur to Hyderabad Motorway is in problems due to corruption.
@Trango Towers

Then, we do not need trains.

This pujaro is enough. Lol

 

[Trango Towers]

We should have bullet trains but it is a matter of affordability. Already economy has ran into the ground because of loans and their misappropriation. If a person is rich then he should use Air Travel. Otherwise, Trains at 60 - 80km/hr are just fine for a third world country like us. Why go into the debt trap just for lining politicians pockets? Now mindless growth is not the answer, survival strategy and going slow is the answer. Sukkur to Hyderabad Motorway is in problems due to corruption.
@Trango Towers

You yourself have said

LINING THE POLITICIANS POCKETS.

That my friend is the problem that you have nailed. Pakistan is rich in resources. Its people are successful when overseas but not successful at home because of corruption.
Infrastructure is the root to development. Remember it was the shareefs and bhutto that destroyed pakistan railways

 

[R2D2]

You yourself have said

LINING THE POLITICIANS POCKETS.

That my friend is the problem that you have nailed. Pakistan is rich in resources. Its people are successful when overseas but not successful at home because of corruption.
Infrastructure is the root to development. Remember it was the shareefs and bhutto that destroyed pakistan railways

 

[Trango Towers]

Incredible interview.
One must study the Chinese and Turkish models. How did two extremely poor countries go from being basket cases to IMF loan free.
He is correct re hitmen.