Pakistan, China agree to trade in rupee, yuan

  • Pakistan joins China, Russia and Turkey in an effort to curtail the supremacy of the dollar

ISLAMABAD: Pakistan and China have agreed to hold trade transactions in their own currencies instead of the dollar, it was learnt on Monday.

According to a report, the two countries agreed to do business in Pakistani Rupee and Chinese Yuan during the ongoing visit of Prime Minister Imran Khan to Beijing. Earlier, Pakistan and China were doing trade in the dollar.

It is pertinent to mention that before Chinese President Xi Jinping and PM Imran Khan, Turkish President Recep Tayyip Erdogan had launched the movement to end the dominance of the dollar. The Russian foreign minister had also supported the Turkish president’s this move.

China, Russia and Turkey had been struggling against the supremacy of dollar, however, Pakistan joined the trio recently, while it has been noted that Europe also wants to abolish the dollar’s dominance.

The biggest success of PM Imran’s China visit is said to be the announcement of both all-weather friends to implement the agreement to do trade in their own currencies.

This accord between China and Pakistan will bring dollar value down in the country, as it has hit Rs133 in Pakistan.

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