China says no to India's proposal for bilateral trade in domestic currencies
The issue was discussed in an inter-ministerial meeting in October. In the meeting, it was suggested to the Reserve Bank of India and the Department of Economic Affairs would look at the possibility of exploring renminbi-rupee trade with China.
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, Image source: Zee Business