China assures Pakistan $3.7 billion loan

ISLAMABAD: China has assured Pakistan of re-lending $3.7 billion in commercial loans, denominated in Chinese currency, before June end, in a move that will help keep the foreign exchange reserves in double digits, according to a report.Unlike in the past, when Beijing gave loans in non-Chinese currency too, this time it has decided not to give loans in US currency in a bid to decouple the economy from the dollar. The central bank's reserves remained around $11.4 billion after an IMF injection. It may now increase to $12.7 billion.