RMB to PKR Conversion Begins in Gwadar
Direct RMB-to-PKR conversion has begun for companies operating in Gwadar’s South and North Free Zones, simplifying trade between Pakistan and China. The new arrangement can help Chinese investors reduce exchange losses by avoiding the previous RMB-to-US-dollar-to-PKR conversion process. The development follows a visit by ICBC, Bank of China and Chinese Consulate officials to Gwadar. Under the cooperation between the People’s Bank of China and National Bank of Pakistan, ICBC’s Karachi branch has been authorised as Pakistan’s RMB clearing bank.