Pakistan’s central bank announced it would start using the Chinese yuan for bilateral trade between the two countries.
Barely a day after being tweet-slammed by President Trump, Pakistan announced new measures that will strengthen its trade ties with China.
Pakistan’s central bank said it has officially adopted China’s yuan as a currency for trade between the two countries, which are neighbors and allies.
That means companies in China and Pakistan can now trade directly in yuan instead of having to use currencies such as the U. S. dollar.
The decision was announced shortly after Trump lashed out at Pakistan. He used his first tweet of 2018 to say the United States had « foolishly given Pakistan more than 33 billion dollars in aid over the last 15 years, and they have given us nothing but lies and deceit. »
The Trump administration subsequently confirmed it would continue to withhold $255 million. Pakistan’s government expressed « deep disappointment » at Trump’s remarks, describing them as « completely incomprehensible.
China already accounts for around 28% of Pakistan’s imports — more than any other country — according to official data.
