China says no to India's proposal to trade in rupee-renminbi
China has rejected India's proposal to carry out bilateral trade in local currencies. India had made a proposal to China for rupee-renminbi trade to boost its exports and tackle the widening trade deficit with the neighbouring country. India's exports to China stood at $13.4 billion in 2017-18, whereas imports were $76.4 billion, leaving a trade deficit of $63 billion. 