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China rejects Indian proposal for trade in local currency

05
Dec '18
China rejects Indian proposal for trade in local currency
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)

Fibre2Fashion News Desk – India


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