Pakistan rejects China’s demand to use its currency in Gwadar Free Zone

Pakistan has rejected China's demand for the use of the Renminbi--China's official currency--in the Gwadar Free Zone under China Pakistan Economic Corridor framework

By: Express Web Desk | New Delhi | Published:November 21, 2017 2:34 pm

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Pakistani authorities conveyed to their Chinese counterparts that they rejected the Chinese demands for use of the Chinese currency Renminbi in the Gwadar Free Zone under the China-Pakistan Economic Corridor framework, according to Pakistani media. (picture for representation)

Pakistan has rejected China’s demand for the use of the Renminbi or Chinese yuan in the Gwadar Free Zone under China Pakistan Economic Corridor (CPEC) framework. India’s western neighbour has argued that such a move would compromise its economic sovereignty and conveyed its final position to the Chinese in a Senior Officials’ Meeting (SOM) on Monday in Islamabad, as reported by The Express Tribune.