RMB clearing bank is to promote awareness and understanding within Pakistan's banking and business sectors about crucial factors involved in utilizing RMB in bilateral trade, Gwadar Pro reported. The Industrial and Commercial Bank of China (ICBC) Karachi Branch has hosted a “RMB Clearing Bank Grand Opening Ceremony”, marking a significant milestone in China-Pakistan financial collaboration. The prime objective of the RMB clearing bank is to promote awareness and understanding within Pakistan's banking and business sectors about crucial factors involved in utilizing RMB in bilateral trade, enhance capital circulation quality, and foster seamless technology and talent exchange.  The ceremony, attended by distinguished guests, showcased ICBC Pakistan's pivotal role as the first RMB clearing bank in South Asia, strengthening the enduring friendship between China and Pakistan.  On the occasion, ICBC also inked strategic collaboration agreements, strengthening its commitment to fostering financial cooperation and innovation.

Credit: Independent News Pakistan (INP) — Pak-China