17:02 - 5.11.2025

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November 5, Fineko/abc.az. India's banking sector has proposed to the government of the country to expand transactions in Chinese currency in international transactions and bilateral trade with China amid improving relations between the two countries, ABC.AZ reports, referring to the sources of The Times of India.

Banks are suggesting to allow transactions in yuans to their international divisions and, first of all, to the largest technological International financial services center in the western state of Gujarat in order to broaden Indo-Chinese trade and strengthen the national currencies of India and China in the global market.

In 2024, the Indian authorities allowed the use of national currencies of Sweden, Denmark, Norway and New Zealand in bank settlements in international trade, bringing the total number of foreign currencies in transactions of Indian banks up to 15. According to The Times of India, the proposal for transactions in yuans is currently under consideration by the Indian Cabinet, and its approval is expected in the near future.