Interviews
China rejects Indian proposal for trade in local currency
05 Dec '18
1 min read
China has rejected India’s proposal for bilateral trade in local currencies, an idea aimed at bridging the widening trade deficit with the former, a news agency reported. The issue was discussed in October in an inter-ministerial meeting, where the Reserve Bank of India and the department of economic affairs were urged to explore renminbi-rupee trade.
India’s exports to China were worth $13.4 billion and imports aggregated to $76.4 billion in 2017-18, leaving a trade deficit of $63 billion. It was $51.11 billion in 2016-17.
India has also proposed trade in national currencies with other countries, including Russia, Iran and Venezuela with which New Delhi has a trade deficit. (DS)
India’s exports to China were worth $13.4 billion and imports aggregated to $76.4 billion in 2017-18, leaving a trade deficit of $63 billion. It was $51.11 billion in 2016-17.
India has also proposed trade in national currencies with other countries, including Russia, Iran and Venezuela with which New Delhi has a trade deficit. (DS)
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