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| In setback for India, China rejects proposal for bilateral trade in domestic currencies | | | Agencies
NEW DELHI: China has not accepted India's proposal to carry out bilateral trade in local currencies which was aimed at bridging the ballooning trade deficit with the neighbouring country, an official said on Sunday
India's exports to China stood at only USD 13.4 billion, imports aggregated to USD 76.4 billion in 2017-18, leaving a trade deficit of USD 63 billion. It was USD 51.11 billion in 2016-17.
India had suggested China for renminbi-rupee trade to boost its exports and tackle the widening trade deficit concern. |
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