Pakistan looking to address US trade imbalance
Finance Minister Muhammad Aurangzeb said on Saturday that Pakistan is eager to strengthen its business relationship with the United States, while also seeking ways to address the existing trade imbalance between the two countries. Speaking at a news briefing at the Pakistan Embassy in Washington, at the conclusion of his visit to attend the Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group, Mr Aurangzeb disclosed that Pakistan has asked China to augment its existing currency swap line by an additional 10 billion yuan (approximately $1.4bn). Pakistan currently maintains a 30bn yuan swap line with China. “From our perspective, getting to 40bn renminbi would be good,” the minister said.