| China's Central Bank allows HBL for RMB trade/remittance settlements |
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| Wednesday,April 01,2009 Posted: 18:13 BJT(13 GMT) |
| From:The News Article type:Reproduced |
BEIJING: The Central Bank of China has allowed Habib Bank Ltd (HBL) for trade/remittance settlements in Chinese currency (RMB), a banking source said here Wednesday.
"People's Bank of China has granted permission to HBL Pakistan to open its RMB account and facilitate trade/remittance settlements between China and Pakistan", the source told. With this arrangement in place, Chinese corporate need not to worry about exchange fluctuations and can conveniently contract with Pakistani Public Sector Enterprises and Corporate Sector to avail the opportunities that Pakistan offers in the form of infrastructure development, modernizations of industries, joint ventures and trade.
Opening of RMB account in China is one more new initiative of HBL Beijing Representative Office to bring the business communities of the two friendly nations even closer. The HBL has already set up arrangements for direct US Dollar remittance between the two countries. The representative office of HBL is very active in the Chinese market and local corporate are appreciative of its commitment with them.
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