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

MEMBER
Joined
Nov 19, 2017
Messages
605
Reactions
721 28 0
Country
Pakistan
Location
Saudi Arabia
1514909479458.png
 

BATMAN

THINK TANK
Joined
Dec 20, 2017
Messages
1,892
Reactions
1,697 47 0
Country
Pakistan
Location
Pakistan
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.
 
Top