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Central bank takes measures for denomination of foreign currency transactions in Chinese Yuan

KARACHI: State Bank of Pakistan has taken comprehensive policy related measures to ensure that imports, exports and financing transactions can be denominated in Chinese Yuan (CNY). The measures have been taken in the capacity of the policy maker of financial and currency markets. Both public and private sector enterprises (i.e. both Pakistanis and Chinese) are free to choose CNY for bilateral trade and investment activities, a central bank release stated. As per current foreign exchange regulations, CNY is an approved…