Pakistan, China agree to trade in their own currencies instead of dollar
Posted by : Admin on Nov 05, 2018 03:58 PM
Islamabad: Pakistan and China have agreed to do trade in their own currencies. Earlier, Pakistan and China were doing trade in dollar. According to reports, the two countries agreed to do business in Pakistani rupee and Chinese currency Yuan during the visit of Prime Minister Imran Khan to Beijing.
Before Chinese President Xi Jinping and PM Imran Khan, Turkish President Tayyip Erdogan had launched movement to end the dominance of dollar. Russian Foreign Minister had also supported Turkish President's this move. China, Russia and Turkey had been struggling against the supremacy of dollar, however Pakistan joined the trio recently. Europe also wants to abolish dollar's dominance.
The biggest success of PM Imran's China visit is said to be the announcement of both all-weather friends to implement the agreement to do trade in their own currencies. This accord between China and Pakistan will bring dollar value down in the country. Dollar has hit Rs133 in Pakistan.