ICBC(SH:601398) Xin Hua She·2025-11-25 23:04Core Viewpoint - Pakistan has established a robust regulatory framework to support the use and investment of the Renminbi (RMB), indicating significant potential for RMB in the country [1][2]. Group 1: Regulatory Framework and Support - The State Bank of Pakistan's Executive Director, Muhammad Malik, emphasized the country's comprehensive regulatory system that facilitates RMB usage and investment [1]. - The State Bank has initiated various promotional and transaction clearing capacity-building efforts to ensure local banks and enterprises understand the advantages of RMB operations [1]. Group 2: Trade and Financial Cooperation - In 2024, the RMB payment for goods trade between China and Pakistan is projected to reach 19.4 billion, accounting for 23% of the total cross-border payment in foreign currencies during the same period, indicating substantial growth potential [1]. - The People's Bank of China will continue to enhance policy support for RMB clearing banks [1]. Group 3: Banking Sector Developments - The Industrial and Commercial Bank of China (ICBC) has opened RMB accounts for all 22 mainstream local banks in Pakistan qualified for foreign exchange trading, showing a positive growth trend in RMB business [1]. - ICBC plans to increase resource investment to provide stable liquidity support for the offshore RMB market and explore more innovative RMB business to better meet the financial needs of market participants in China-Pakistan trade [1]. Group 4: Bilateral Financial Cooperation - The Consul General of China in Karachi, Yang Yundong, highlighted the importance of strengthening financial cooperation between China and Pakistan amid the current global economic landscape [2]. - China is willing to work with Pakistan to facilitate bilateral trade and investment in local currency settlements, expand RMB service areas, and enhance regulatory communication and coordination [2].