HBL to start RMB operations in China

Published October 11, 2018
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

Opinion

Time to wake up

Time to wake up

The criticism reflects our failure to counter rising religious intolerance and bigotry, and also exposes a diplomatic debacle.
Which nationalism?
Updated 05 May 2021

Which nationalism?

After decades of apparent self-sufficiency, India has again begun to ask for and receive vaccines and other necessary material.
The TLP and elections
Updated 04 May 2021

The TLP and elections

Pakistan has always made space for Islamist parties electorally; they have rarely been successful enough to be a national force.

Editorial

05 May 2021

Path of growth

FINANCE MINISTER Shaukat Tarin finally specified the future direction that the country’s economic policy will take...
05 May 2021

Human rights 2020

THE human rights situation in Pakistan, almost predictably bleak every year, was deeply impacted in 2020 by an...
Unreasonable behaviour
Updated 05 May 2021

Unreasonable behaviour

Usman Buzdar should reprimand Dr Awan for her coarse behaviour and make sure she tenders a public apology.
Electoral reforms
Updated 04 May 2021

Electoral reforms

A rigging-proof system, which cannot be manipulated through technical delays, is possible if stakeholders sit together.
04 May 2021

Unmet tax targets

THE FBR has increased its tax collection by 14pc to Rs3.8tr this year during the 10-month period from July to April...
04 May 2021

Routine immunisation

AS countries around the world grapple with the deadly third wave of Covid-19 and we witness the horrific devastation...