China, Pakistan sign memorandum on RMB clearing in Pakistan

BEIJING - China's central bank has signed a memorandum of cooperation with the State Bank of Pakistan to establish renminbi (RMB) clearing arrangements in Pakistan.

These arrangements will help enterprises and financial institutions in the two countries conduct cross-border transactions using the RMB, according to a statement on the People's Bank of China website on Wednesday.

They will also further facilitate bilateral trade and investment, the bank said.