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China, Pakistan Agree to Conduct Bilateral Trade in Yuan

China has agreed to carry out bilateral trade with Pakistan in the Chinese yuan instead of the U.S. dollar to help ease the South Asian ally's financial and economic woes.The unprecedented Chinese concession, officials and economists said, would go a long way in addressing Islamabad’s massive 87-percent trade deficit with Beijing and reducing pressure on Pakistan's depleting foreign currency reserves."The agreement is part of practical steps being taken [by China] to support our [foreign] currency [reserves],” said Pakistani Information Minister Fawad Chaudhry.He told reporters in Islamabad the “historic” deal was concluded along with more than a dozen others during Pakistani Prime Minister Imran Khan’s four-day official visit to Beijing, which ended Monday.The annual trade volume between the two countries is about $15 billion, of which Chinese exports to Pakistan are estimated at around $13 billion.Pakistan’s foreign exchange reserves have lately fallen to less than $8 billion and the country urgently needs about $12 billion to service foreign debts and pay for imports.........................................

 

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