China announces currency swap with Pakistan in new move to expand yuan's use abroad
By The Associated Press
BEIJING, China - China has
announced a currency swap with Pakistan in the latest step to gradually expand use of the tightly controlled Chinese currency abroad.
The
Chinese central bank said Saturday it swapped 10 billion yuan ($1.6 billion) for 140 billion Pakistani rupees. It said the exchange would promote
investment and trade but gave no details of how the money would be used.
China's yuan doesn't trade on global markets, but Beijing is
gradually expanding its use for trade with some countries. It has carried out currency swaps with Argentina and Kazakhstan and agreed to lend yuan to
other countries in case of emergencies.
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