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China and Nepal signed agreement to expand the use of local currencies for border trade

China and Nepal signed an agreement to expand the use of their currencies for border trade.

Dec 24, 2014 19:11 IST
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China and Nepal on 23 December 2014 signed an agreement to expand the use of their currencies for border trade.

The agreement was signed between the People's Bank of China (PBOC) and Nepal Rastra Bank (NRB). The agreement will boost bilateral trade and investment ties between the China and Nepal.

According to the agreement, the two countries will use local currencies (Yuan and Nepal rupee) for settlement in both cross-border trade and ordinary trade activities.

Both the countries also signed memorandum of understanding on anti-money laundering and anti-terrorism cooperation.

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एग्जाम की तैयारी के लिए ऐप पर वीकली टेस्ट लें और दूसरों के साथ प्रतिस्पर्धा करें। डाउनलोड करें करेंट अफेयर्स ऐप

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