State bank of Pakistan allows private & government organizations to use Chinese currency yuan to do bilateral transactions! | World Defense

State bank of Pakistan allows private & government organizations to use Chinese currency yuan to do bilateral transactions!

Hithchiker

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BATMAN

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Bank will hedge equivalent amount in USD on the current exchange rate.
Basically they will buy Yuan with USD at the time of opening letter of credit.
It's the state bank of Pakistan, which needs to start pegging its currency against Yuan instead of USD, if it really want the system to function is bilateral currency.
 
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