BEIJING, May 22 (INP):  A webinar on “Boosting High-Quality CPEC Development: Path and Operation Instruction of RMB Settlement” was held, where Chinese and Pakistani banking experts have discussed the policies, procedures, guidelines and cases of RMB settlement. According to a report carried by China Economic Net (CEN), Nong Rong, Chinese Ambassador to Pakistan, said at the event that China-Pakistan trade volume reached USD 17.49 billion in 2020 and that increased use of RMB in bilateral trade “will surely attract more Chinese and Pakistani enterprises to make full use of the second phase of China-Pakistan FTA protocol and further promote bilateral economic and trade cooperation and the high-quality development of CPEC.” The importance of RMB settlement in bilateral trade is also emphasised by Mr Muhammad Ali Malik, Executive Director, Financial Markets & Reserve Management, State Bank of Pakistan. He also introduced the policy and regulatory support of SBP for RMB-based trade. “RMB is on a par with other international currencies and public and private sectors in Pakistan are free to choose RMB for bilateral trade and investment activities.” he mentioned. To aid importers and exporters from both countries in RMB settlement, experts from major Chinese and Pakistani banks introduced the policies, procedures and cases of RMB settlement. Ms Xuexue Lang, Head of Corporate Banking Department, ICBC Karachi, said that the use of RMB in China-Pakistan trade can be cost-saving and risk-mitigating and that Pakistani importers and exporters, whether individual or institutional investors, can benefit from the favourable policies in China. She also introduced the procedures, the range of services offered and cases of RMB settlement. According to Mr Chen Yuncheng, CEO of ICBC Karachi Branch, ICBC Karachi, as the first RMB clearing bank and the largest RMB market marker with three branches in Pakistan, will make further efforts to improve RMB settlement infrastructure such as the ‘RMB superhighway’ and optimise policies in Pakistan to meet the growing demand for RMB settlement in bilateral economic and trade cooperation. Ms Hui Sui, Head of Business Development Department, BOC Pakistan Operations, gave a detailed introduction of the procedures and guidelines of China-Pakistan cross-border RMB settlement, and the RMB operations of Bank of China in Pakistan. She added, “Increasing the use of RMB will push the economy and trade of both countries to a higher level. Let’s join hands to build a community of a shared future for Pakistan and China in the new era of RMB settlement.” Mr Zeeshan A Malik, Head China Coverage HBL, introduced HBL’s key RMB products and services through a combination of advising, confirmation and discounting, and the advantages of RMB settlement. He also emphasised that small businesses can also benefit from RMB settlement. The forum was also attended by Mr Yin Xiaohu, Executive vice president of Bank of China Pakistan Operations, Farhan Talib, Regional General Manager China & Singapore of Habib Bank, Amanda Cheng, Beijing Branch Manager, Country Head & Head of Financial Institutions of Habib Bank, Mushtaq Panjwani, Head of Trade Operations of Habib Bank,  Qurban Ali Chairman of FPCCI capital office, Sardar Yasir Ilyas Khan, President of ICCI,  Mohammad Nasir Mirza, President of RCCI, Mian Tariq Misbah, President of LCCI, and  Muhammad Ahmad, Chairman of PTEA. The webinar is the fourth seminar of China-Pakistan Agricultural and Industrial Cooperation Information Platform (CPAIC), a platform launched by China Economic Net and China-Pakistan Agricultural Cooperation and Exchange Center (China Machinery Engineering Corporation) on January 26. INP/JAVED