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Pakistan: the yuan replaces the dollar in trade with China

UNITED STATES, WASHINGTON (OBSERVATORY) — Pakistan decides to replace the yuan with the dollar in trade with China.

The Pakistani government has decided to replace the Chinese yuan with the US dollar in new agreements with Chinese companies, according to IRIB news agencies.

The Pakistani government has decided to trade with China using the country’s national currency as the dollar rises and the Pakistani currency depreciates, Donia reported .

China’s ambassador to Pakistan, Yao Jing, announced recently that his country is planning to invest $ 1 billion in Pakistan’s development projects.

The China-Pakistan Economic Corridor (CPEC) is helping to attract more business opportunities, investment and technology from China to Pakistan, contributing to the future development of China.

Prime Minister Imran Khan said during his meeting with Wang Yi, State Counselor and Chinese Foreign Minister, on September 8 that his government admired China’s development achievements, attached great importance to the development of China’s development. CPEC, and consequently created a special authority to coordinate and develop the cooperation related to the CPEC.

Chinese Ambassador to Pakistan Yao Jing delivered a speech at the Chamber of Commerce and Industry in Islamabad. He said that the speed with which the projects under the CPEC are progressing, was satisfactory and that the trade agreement between the two countries would be finalized in October.

Pakistan will thus benefit from a zero percent tariff on 90% of its exports to China, including marine and agricultural products.

Pakistan’s exports increased by $ 500 million, reducing the inequality of exports with China.

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