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Banks, traders in India advised to avoid foreign trade settlements in Chinese Yuan: Report

According to a report, officials in India have advised banks, and traders to avoid using yuan, however, the settlements in the United Arab Emirates dirhams would be okay.

Shashwat Bhandari Edited By: Shashwat Bhandari @ShashBhandari New Delhi Updated on: March 13, 2023 22:19 IST
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Image Source : PTI Representational image

Banks and traders in India have been asked to avoid payment settlements for Russian imports in the Chinese yuan till the time ties between India and China improve.

According to a Reuters report, officials in India have advised banks, traders to avoid using yuan, however, the settlements in the United Arab Emirates dirhams would be okay.

India and China ties worsened significantly after the Galwan clash at the Line of Actual Control (LAC). It was after a series of commander-level talks that the disengagement of troops had taken place, however, ties between both countries are yet to improve.

Meanwhile, on Sunday, Kerala Chief Minister and CPI(M) leader Pinarayi Vijayan greeted Xi Jinping on his re-election as the President of China.

In a tweet, Vijayan, a Marxist veteran, said the Communist nation has emerged as a prominent voice in global politics under Xi's leadership.

"Revolutionary greetings to President Xi Jinping on his re-election as the President of the People's Republic of China. It is truly commendable that China has emerged as a prominent voice in global politics. Best wishes for the continued efforts to achieve a more prosperous China," Vijayan tweeted.

China's Parliament on Friday had unanimously endorsed an unprecedented third five-year term for President Xi.

Xi, 69, was re-elected by the once-in-a-five-year Congress of the ruling Communist Party of China (CPC) as its leader in October last year, becoming the first Chinese leader after party founder Mao Zedong to continue in power beyond the two five-year terms.

(With inputs from PTI)

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