China Flexes Its Financial Muscle†
Digest | 文摘
Over the past few months, the People’s Bank of China has signed memoranda of cooperation with the central banks of Laos, Kazakhstan, and Pakistan to establish RMB clearing arrangements for handling cross-border transactions between China and these countries. As enterprises and financial institutions in these countries become able to process payments made in RMB, these countries’ trade and investment activities with China are expected to grow.
Are there concrete examples showing the positive impact these RMB clearing arrangements are having on the economies of Laos, Kazakhstan, and Pakistan? Are other countries likely to follow suit and establish RMB clearing arrangements to strengthen their economic relations with China?
† This piece was contributed by by David Wei Zhao and edited by SINOTALKS.COM.
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