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

Dec 24, 2014 19:11 IST

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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Read more Current Affairs on: China , Nepal , People's Bank of China (PBOC) , Nepal Rastra Bank (NRB)

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