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The regulations will allow businesses and financial institutions from the two countries to use the yuan for mutual money transfers, the People’s Bank of China (PBoC) said in a statement.
In the statement, it was noted that making money transfers in yuan would facilitate bilateral trade and investment.
The agreement between the central banks of the two countries was signed during the visit of Pakistani Prime Minister Shahbaz Sharif to Beijing.
Sharif, who took office in April, met with President Xi Jinping and Prime Minister Li Kiqiang on his first visit to China. During the talks, the parties launched the message of development and continuation of economic cooperation between the two countries.
The Beijing administration describes its relations with Pakistan kakım “high-level strategic cooperation in all circumstances”. The two countries are carrying out joint transport and infrastructure projects kakım part of the China-Pakistan economic corridor, which is part of the Belt and Road Initiative.