HBL to start RMB operations in China

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HBL President and CEO Muhammad Aurangzeb (3rd from left) hosted Dr Ma Jun Member Bank of China’s Currency Policy Committee at HBL Plaza on Wednesday.
HBL President and CEO Muhammad Aurangzeb (3rd from left) hosted Dr Ma Jun Member Bank of China’s Currency Policy Committee at HBL Plaza on Wednesday.

KARACHI: Habib Bank Ltd (HBL) has announced its plans to start renminbi (RMB) operations in China after holding in-depth discussions People’s Bank of China (PBC) on Wednesday.

The representatives of the two banks held discussions to promote RMB’s internationalisation and relocation of export-based industries from China to Pakistan.

Member of the PBC Currency Policy Committee Dr Ma Jun was also present at the meeting.

“The event was attended by leading businessmen and corporates and focused on green finance, RMB internationalisation and relocation of export-based industries from China to Pakistan,” said a press release issued by the HBL.

“The major discussion was around increasing the use of RMB in trade between Pakistan and China,” said the HBL.

“HBL is the only Pakistani bank to have operations in China, and will soon start RMB operations in China, becoming the only Pakistani bank to offer end-to-end RMB intermediation,” said the HBL. Earlier in the day, Dr Jun along with the HBL President Muhammad Aurangzeb met with the officials from the State Bank of Pakistan (SBP) and discussed how Tsinghua University can help Pakistan promote green finance market development and increase the use of RMB for reserve purposes and bilateral trade.

The HBL president, while speaking to the participants, stated the bank is uniquely positioned to assist companies under the China-Pakistan Economic Corridor and promote cooperation between the corporate sector of both the countries. Former SBP governors, Salim Raza and Dr Shamshad Akhtar were also present at the meeting.

Dr Jun is the Director of the Centre for Finance and Development, Tsinghua National Institute of Financial Research. He is also Special Advisor to the Governor of the People’s Bank of China, Chairman of Green Finance Committee of China Society for Finance and Banking, and Co-chair of G20 Green Finance Study Group.

Published in Dawn, October 11th, 2018