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The central bank of said in a statement that the central banks of and China have signed a memorandum of cooperation regarding transactions in the currency yuan in Pakistan.

According to a report, this development could pave the way for an alternative payment option for Pakistan that would increase the use of yuan for cross-border transactions between Chinese and Pakistani businesses and financial institutions.

This development in the financial sector is seen as something that could also help Pakistan buy discounted Russian oil as the Chinese currency is acceptable to Russia, keeping in mind that Pakistan is currently paying for oil in US dollars.

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