China is a friend who has been tested for a long time, especially thanks to China for its support when Pakistan is in difficulty

Ishaq Dar, Minister of Finance of Pakistan, delivered a speech at the opening ceremony of Bank of China Islamabad Branch on July 31. He believed that the economic and diplomatic relations between China and Pakistan will reach a new height in the future. In addition, he also expressed the hope that the renminbi will become an acceptable parallel currency in the international financial market as soon as possible.

Dar said that China is Pakistan’s time-tested friend, and he is especially grateful to China and Chinese financial institutions for providing important financial support to Pakistan in difficult times. Dar also said that Pakistan has basically emerged from the turbulent phase. The country’s economy is now moving from stability to growth again.

The report mentioned that when talking about topics related to the China-Pakistan Economic Corridor, Dar said that related projects are advancing rapidly, and he believes that in the next few years, the China-Pakistan Economic Corridor will benefit the general public.

The report also mentioned that Dar also congratulated the Bank of China on the establishment of the second branch in Pakistan, and hoped that the RMB would become an acceptable parallel currency in the international financial market as soon as possible.

According to a previous report by Xinhua News Agency, the Bank of China branch in Karachi, Pakistan held an opening ceremony in the capital Islamabad on November 7, 2017, marking the official opening of Bank of China’s first branch in South Asia. According to the website of the Ministry of Commerce of China, on April 12, 2018, the Central Bank of Pakistan has authorized Bank of China Pakistan Branch to set up a RMB settlement and clearing system in Pakistan to enhance the convenience of using RMB settlement in China-Pakistan trade and foreign exchange flows. According to the report, the strengthening of financial cooperation between Chinese banking institutions in Pakistan will have long-term positive significance for strengthening China-Pakistan bilateral relations and promoting the development of the Pakistani economy, especially the Pakistani banking system.

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