China, Nepal sign agreement to use currencies for border trade

BEIJING: China and Nepal today signed an agreement to expand the use of their currencies for border trade, in an effort to boost bilateral trade and investment ties between the two countries.

According to the deal announced by People's Bank of China (PBOC), the currencies of the two countries-- Yuan and Nepali rupee and can be used for settlement in both cross-border trade and ordinary trade activities.

The supplemntary agreement, signed during a meeting between PBOC Governor Zhou Xiaochuan and his visiting counterpart Yuba Raj Khatiwada, will further facilitate bilateral trade and investment, the statement said.

The two sides also signed a Memorandum of Understanding on anti-money laundering and anti-terrorism cooperation, the state-run Xinhua news agency reported.