May 17: Asia Times report by Sabena Siddiqui states that after establishing its first branch in Karachi, the commercial capital of Pakistan, last November, the Bank of China recently launched a clearing and settlement mechanism of Chinese yuan. Having received clearance from the State Bank of Pakistan (SBP) for denominating foreign-currency transactions, one of the main targets of the Long-Term Plan of the China-Pakistan Economic Corridor for 2017-30 has been achieved. Giving the yuan equal status to the US dollar in Pakistan strengthens the financial bonds between these “all-weather strategic partners.”
Asia Times: Establishing the yuan in Pakistan
