Adam Securities Limited – Morning Briefing

Karachi, April 12, 2018 (PPI-OT): SBP allows BOC to open yuan accounts of local banks – Neutral

The SBP has allowed Bank of China (BOC) Pakistan to establish a local Chineseyuan(CNY)settlementandclearing setupinPakistanwithan aimto furtherstrengthenthetradechannelsandremittanceflows.TheStateBankiscontinuouslytakingpolicymeasurestoensurethatimports,exportsandfinancing transactions with China can be denominated in Chinese yuan (CNY).(BRECORDER)