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Report: Standard Chartered Bank is an important stakeholder in CPEC

According to the latest report, Standard Chartered Bank (SCB) has announced a key role in the second phase of CPEC. The bank  will offer various services like solutions to the Chinese currency RMB, currency risks, hedging in RMB, as well as cash management.

Jean Leu, Head of Gloabal Banking, said that Pakistan had been a special ally of China for decades. Under CPEC now this friendship has moved on to the next level, she added.

Total trade between China and Belt and Road countries has gone beyond USD 3 trillion between 2014 and 2016, she said. The trend has continued last year even after  subdued growth in global trade.

Belt and Road initiative has made important headway in the last 4 years. It has got  support from over one hundred countries and international organizations, Leu said. Over 80 of these bodies have signed cooperation agreements with China, she added.

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