KARACHI (PR) - Standard Chartered has announced that it has signed Renminbi (RMB) Cross Border Trade Settlement Account Agreements with Askari Bank and National Bank of Pakistan. Renminbi is the official currency of the Peoples Republic of China. The move will allow these banks to open RMB nostro accounts at Standard Chartered Bank (China) Limited and facilitate trade activities between Pakistan and China. These will be the first RMB nostro accounts opened for Pakistani banks. With these RMB nostro accounts, Standard Chartered will be able to help their clients to settle cross-border trade between China and Pakistan. As the trade volumes between China and Pakistan continue to grow significantly year on year, showing an increase of over 50% from 2006/2007 to 2009/2010, there are many opportunities presented to banks in Pakistan. Corporate entities can now request settlement of invoices in Renminbi and the bank feels that it is well prepared to meet the increasing requirement for Renminbi trade related settlements in the market.