China, Pakistan sign memorandum on RMB clearing in Pakistan

BEIJING, Nov. 2 (Xinhua) -- China's central bank has signed a memorandum of cooperation with the State Bank of Pakistan to establish renminbi (RMB) clearing arrangements in Pakistan.

The national flags of China and Pakistan. (Photo: CFP)

These arrangements will help enterprises and financial institutions in the two countries conduct cross-border transactions using the RMB, according to a statement on the People's Bank of China website on Wednesday.

They will also further facilitate bilateral trade and investment, the bank said.