China's central bank said on Wednesday that the People's Bank of China (PBOC) and the State Bank of Pakistan recently had renewed their bilateral currency swap agreement with a swap size of 30 billion yuan/1,180 billion Pakistani rupees.
The agreement is valid for three years and can be further extended upon mutual consent.
The PBOC said renewing the agreement will help strengthen financial cooperation and expand the use of local currencies between the two countries while also promoting bilateral trade and facilitating investment.
Central banks of China, Pakistan renew bilateral currency swap agreement
China is ready to strengthen exchanges and cooperation with Pakistan's legislative bodies, learn from each other regarding law-based governance, legislative supervision and improvement of people's livelihood, and promote bilateral friendship, Chinese Premier Li Qiang said on Tuesday.
Li made the remarks when meeting with Pakistan's Senate Chairman Yousuf Raza Gilani and National Assembly Speaker Sardar Ayaz Sadiq in Islamabad, capital of Pakistan.
Li said that since the establishment of diplomatic ties 73 years ago, bilateral relations have maintained a sound development momentum.
China is willing to continue to work with Pakistan to implement the important consensus reached by President Xi Jinping and Pakistani leaders, carry forward the traditional friendship, consolidate political mutual trust, expand practical cooperation, elevate China-Pakistan relations and bring more tangible benefits to the two peoples.
Li pointed out that China is willing to maintain high-level exchanges with Pakistan, strengthen strategic communication and firmly support each other.
Mutually beneficial cooperation between China and Pakistan is promising, Li said. The two sides should continue to make joint efforts to translate their economic complementarity into practical cooperation results, he noted.
Li also expressed his hope that the Senate and the National Assembly of Pakistan will provide a sound legal environment for the development of bilateral relations and cooperation.
The Pakistani side said that Pakistan-China friendship has a time-honored tradition and the development of friendly relations with China enjoys broad and profound public support in Pakistan.
Pakistan deeply admires the great achievements China has made under Xi's leadership and sincerely thanks China for its valuable assistance to Pakistan's development over the years.
Pakistan highly appreciates and actively participates in Belt and Road cooperation. The construction of the China-Pakistan Economic Corridor has been carried out smoothly, bringing tangible benefits to the two peoples.
The Senate and the National Assembly of Pakistan are willing to further strengthen exchanges and cooperation with the National People's Congress of China, continuously enhance mutual understanding and trust, and jointly push forward the sustained and in-depth development of Pakistan-China relations.
China to strengthen legislative exchanges, cooperation with Pakistan: Premier Li
