Pakistan allows use of Chinese yuan for trade and investment

Both public and private sector enterprises may use the yuan for bilateral trade and investment, the central State Bank of Pakistan. (AFP)
Updated 19 February 2018
0

Pakistan allows use of Chinese yuan for trade and investment

ISLAMABAD: Pakistan will allow the Chinese yuan to be used for imports, exports and financing transactions for bilateral trade and investment activities, in a move economists said Wednesday would simplify a massive Chinese investment project.
Both public and private sector enterprises may use the yuan for bilateral trade and investment, the central State Bank of Pakistan said in a statement issued Tuesday.
“As per current foreign exchange regulations, Chinese Yuan (CNY) is an approved foreign currency for denominating foreign currency transactions in Pakistan,” it said.
“In terms of regulations in Pakistan, CNY is at par with other international currencies such as USD, Euro and JPY,” it added.
The bank said that in light of a massive Chinese infrastructure project in Pakistan, the move would “yield long-term benefits for both the countries.”
The China-Pakistan Economic Corridor (CPEC), a $54 billion (SR202.50 billion) project launched in 2013 linking western China to the Indian Ocean via Pakistan, has been hailed as a “game changer” by Pakistani officials.
They hope the power stations and transmission lines built as part of the project will help ease Pakistan’s chronic power crisis.
Economic analyst and former government adviser on finance Salman Shah welcomed the State Bank’s move, saying that avoiding dollar transactions in the implementation of CPEC would “simplify matters very considerably.”
The Chinese economy is now one of the biggest in the world, he said, justifying the use of the Chinese currency of choice.


Media spotlight falls on Saudi Arabia’s most historic sites

Updated 19 min 33 sec ago
0

Media spotlight falls on Saudi Arabia’s most historic sites

  • Journalists were taken on a cultural and heritage tour of key locations aimed at showcasing the Najd region of the Kingdom as a top visitor destination
  • The Saudi Commission for Tourism and National Heritage (SCTH) organized the trip, concentrated around the old towns of Shaqra and Ushaiger

RIYADH: Some of Saudi Arabia’s most historic sites on Sunday went under the media spotlight as part of a drive to boost tourism.
Journalists were taken on a cultural and heritage tour of key locations aimed at showcasing the Najd region of the Kingdom as a top visitor destination.
The Saudi Commission for Tourism and National Heritage (SCTH) organized the trip, concentrated around the old towns of Shaqra and Ushaiger, to coincide with the Colors of Saudi Arabia forum that aims to strengthen national tourism.
Places visited by the group of journalists and writers included Al-Halawa Museum Market, Al-Subaie House, the Husseini Mosque, the House of Mashreq and the heritage village of Ishiqar. They also went to a desert camp, watched cultural shows and ate locally produced cuisine.
Abdulrahman Al-Manee, whose Al-Halawa Museum Market shop was visited by the group, told Arab News: “Collecting antiques and cultural pieces has been my hobby for more than 50 years.”
He graduated from the fine arts school at King Saud University, and has a website where he sells his products throughout the Kingdom and other Gulf Cooperation Council (GCC) countries.
The SCTH presented a workshop for media professionals during the tour. Majid Al-Hasna, director of media relations at the SCTH, said it is keen to organize more trips for journalists to the Kingdom’s archaeological, historical, heritage and tourism sites.