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Yuan to play a bigger role in Central Asia

By Zhong Nan in Urumqi | China Daily | Updated: 2013-09-04 07:44

As many countries in the Eurasian corridor seek effective measures to improve their economies, senior officials from Central Asia and Pakistan's central banks are urging China to establish a solid regional financial cooperative platform to prevent and lower the damage created by developed economies.

Ashraf Wathra, deputy governor of the State Bank of Pakistan, said the global financial crisis has engendered long-term effects on commodity prices for Pakistan over the past several years and many of its enterprises are also having difficulties in gaining loans from both local and foreign commercial banks.

"There are solutions to tackle this problem that can and will address the needs of our country and allow Pakistani companies to obtain the access to apply foreign loans and other financial products, which will result in more investment activity and innovative services, if China and neighboring nations allow free capital movement and further cooperation between different banks," he said.

Yuan to play a bigger role in Central Asia

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