Wednesday, August 21, 2019
No menu items!
Advertisement

SBP allows SCB to establish CNY clearing/settlement in Pakistan

Featured

Renewable energy can bring billions of dollars in Midwest and Great Lakes region

Applying current renewable energy standards, ten states in the Midwest and the Great Lakes region of the United States...

China complains on Twitter and Facebook closures

China is facing Twitter and Facebook accounts blocking after criticism on protests in Hong Kong. Chinese citizens and students...

EU will not re-negotiate Brexit with Britain

Finland's Prime Minister Antti Rinne has told Boris Johnson that the European Union EU will not re-negotiate the Brexit...
Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in business reporting. He is Chief content editor at wnobserver.com He can be reached at: [email protected]
SBP has allowed Standard Chartered Bank (SCB) Pakistan Limited to establish their local CNY clearing and settlement setup in Pakistan. SCB Pakistan can now open CNY accounts of the banks operating in Pakistan to facilitate settlement of CNY based transactions such as remittance to/from China.
SCB can also provide CNY liquidity to the interbank market for the settlement of CNY based transactions.
It may be mentioned here that over the years, State Bank of Pakistan (SBP) has been at the forefront in providing a conducive policy & regulatory environment to encourage the use of local currencies in trade and financing transactions between China and Pakistan.
Earlier, SBP had also permitted Industrial and Commercial Bank of China Limited (ICBC) Pakistan in 2015 and Bank of China Limited (BOC) Pakistan in 2018 to establish similar local CNY clearing and settlement mechanism in Pakistan.
The expansion of local CNY clearing and settlement setup in Pakistan is expected to further improve efficiency of the local banking system in transacting in CNY, enhance market liquidity and facilitate rising trade and investment with China through fostering competition and increasing CNY resource avenues.

Latest News

Disney to unveil video streaming service on Apple and Google platforms in November

Walt Disney will launch the Disney plus video streaming service in Canada and the Netherlands on November 12, while...

Johnson: India and Pakistan should settle Kashmir issue through dialogue

British Prime Minister Boris Johnson said in a telephone conversation Tuesday with his Indian counterpart Narendra Modi that India and Pakistan should settle the...

British PM criticized with letter to EU backstop regulation

The British Prime Minister Boris Johnson, in a letter to EU Council President Donald Tusk, he has again attempted to abolish the backstop regulation...

Trump calls on Apple to leave China

US President Donald Trump on Tuesday urged Apple to leave China. Trump said during a meeting with Romanian President Klaus Johannis that if he had...

Renewable energy can bring billions of dollars in Midwest and Great Lakes region

Applying current renewable energy standards, ten states in the Midwest and the Great Lakes region of the United States can achieve $ 4.7 billion...

Related News