ISLAMABAD: President Pakistan Businessmen and Intellectuals Forum (PBIF) and Senior Vice Chairman of the Businessmen Panel of FPCCI Mian Zahid Hussain on Friday termed Pak-China Currency Swap Agreement (CSA) a brilliant move.
The business community welcomes the deal which will reduce country’s dependence on the US which has crossed all limits to malign and damage Pakistan to please India and cheat its own masses, he said in a statement issued here on Friday.
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, he added.
He 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.
Yuan is at par with other international currencies such as USD, Euro and JPY 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 veteran business leader said.
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 will yield long-term benefits for both the countries, their business communities and masses.
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, the former minister said.