STORY: RMB clearing bank launched in Pakistan to facilitate cross-border transactions with China
DATELINE: Oct. 29, 2023
LENGTH: 00:01:15
LOCATION: Islamabad
CATEGORY: ECONOMY

SHOTLIST:
1. various of Islamabad
2. various of the opening ceremony of the renminbi (RMB) clearing bank
3. SOUNDBITE (English): JAMEEL AHMAD, Governor of the State Bank of Pakistan
4. various of the opening ceremony of the renminbi (RMB) clearing bank
5. various of renminbi (RMB) related footage
6. various of Pakistan rupee related footage

STORYLINE:

The Industrial and Commercial Bank of China (ICBC) in Pakistan has opened a renminbi (RMB) clearing bank, facilitating both Pakistani and Chinese businesses and financial institutions to settle cross-border transactions and meet the financing needs of the two countries.

The grand opening ceremony, held in the Pakistani capital Islamabad on Friday, was attended by officials, experts and businessmen from Pakistan and China.

SOUNDBITE (English): JAMEEL AHMAD, Governor of the State Bank of Pakistan
"It is important to note that the role of RMB is continuously increasing in the global economy and international financial markets. I expect this initiative of establishing local RMB clearing system will yield long-term benefits to the China-Pakistan relationship in general and Pakistan's economy and banking system in particular."

The Karachi branch of the ICBC was designated as the RMB clearing bank in Pakistan by the People's Bank of China, according to the ICBC.

Under this facility, the ICBC would offer the services of clearing and settlement of RMB transactions and facilitate in arranging RMB buying, selling, borrowing, or lending transactions for the participating banks in Pakistan.

Xinhua News Agency correspondents reporting from Islamabad.
(XHTV)