ISLAMABAD: President Pakistan Businessmen and Intellectuals Forum (PBIF), Mian Zahid Hussain has termed Pak-China Currency Swap Agreement (CSA) a brilliant move and said it will help in promoting bilateral trade..
In a statement issued here he said business community welcomed the deal which will reduce country’s dependence on America which has crossed all limits to malign and damage Pakistan to please India and cheat its own masses.
He said government’s move to allow the Yuan to be used for imports, exports and financing transactions will water down the impact of threats of US President who is blaming Pakistan for the failure of America in Afghanistan.
Mian Zahid Hussain said that after the CSA, Pakistan may not need IMF help as badly as expected which will help the government to avoid harsh conditions linked to the loan of the international lender as China has provided a loan of 10 billion Yuan to Pakistan which is almost equal to 8.5 billion dollars.
He said that the government and private sector of both the countries should be encouraged to use Yuan for trade and investment which will push bilateral ties to the new altitude. He said Yuan is at par with other international currencies such as US dollars, Euro and Japanese Yen while Chinese economy is more stable than rest of the countries, therefore, it will yield many long-term benefits for both the friendly nations.
The recent local and global economic developments, particularly the threats by the US President and the growing size of trade and investment with China the use of Yuan will increase significantly and yield long-term benefits for both the countries, their business communities and masses.
He said over the decades, China has proved to be much more trustworthy than America, therefore, the dollar should no more remain dominated on the economic scene.