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Pakistan to make use of Yuan in trade with Chinese firms

Pakistan is set to allow Chinese Yuan in cross border trade and project financing under the financial regulation agreed in the Long Term Plan (LTP), officials said.

Officials said that the two sides also agreed to support multi-currency direct financing of Pakistan’s central and local governments.

“For ensuring better connectivity, it was agreed to put in place an integrated transport system which includes construction and development of road infrastructure from Kashgar to Gwadar and Karachi via Islamabad, Peshawar, Dera Ismail Khan, Quetta and Sohrab. The up-gradation and expansion of existing Railway line, development of Gwadar port is also part of the LTP connectivity plan,” said an official.

He said Pakistan and China have agreed to strengthen financial regulations, under the China-Pakistan Economic Corridor’s LTP, and promote the use of Yuan and Rupee in the settlement instead of third party currencies.

Under the LTP, signed by China and Pakistan, the key areas of cooperation, till 2030, include Financial Regulations, Connectivity, Energy, Trade and Industrial Parks, Agricultural Development and Poverty Alleviation, Tourism.

CPEC projects are broadly divided into three phases, starting from the Short-Term Plan which is effective till 2020; Medium Term Plan will cover the projects till 2025 and Long-Term Plan which is valid until 2030.

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