Pakistan and China to trade in yuan — information minister

ISLAMABAD: China and Pakistan are to conduct bilateral trade in yuan, Information Minister Fawad Chaudhry said Monday.
The agreement was made during Prime Minister Imran Khan’s visit to China.
Chaudhry said the move to yuan would ease the burden on Pakistan’s dollar forex reserves, adding that Khan’s trip had strengthened ties between the two countries. 
In May the State Bank of Pakistan (SBP) extended a currency swap arrangement with the People’s Bank of China (PBOC) for three years.
China is a major investor in Pakistan, backing projects worth tens of billions of dollars, but bilateral trade remains low and largely in China’s favor.
Pakistan exported $1.75 billion worth of goods to China in the last fiscal year, an amount dwarfed by Beijing’s whopping $11.47 billion worth of goods exported to its neighbor.
Photo Caption: President Xi Jinping meets Prime Minister Imran Khan in Shanghai on November 5, 2018 (Photo by PM Office)