KARACHI: State Bank of Pakistan (SBP) Governor Ashraf Mahmood Wathra claimed that in order to take more benefit of the China-Pakistan Economic Corridor, both countries should trade in their own currencies, local media authorities reported.
He said Pakistan’s banks had made arrangements for the businessmen to open letters of credit in China, it was further revealed.
To a question about devaluation of the Chinese currency, Wathra said Chinese economy had an ideal rate of growth, which could easily absorb the devaluation, meaning that exports would not suffer, sources further added.
Referring to the next five-year financial strategy called SBP Vision 2020, which was announced on the occasion, the central bank governor said the bank framed the financial strategy every five years and to make the plan more effective, certain safeguards had been included, reportedly.
