“China's
central bank has put the Russian ruble into circulation in Suifenhe
City, Heilongjiang Province, launching a pilot two-currency (ruble
and yuan) program. The ruble is being introduced in the place of US
dollar. The announcement was made on Saturday by Jin Mei, deputy
secretary for monetary policy at the opening ceremony of a trade
exposition in Suifenhe, reported state-run Xinhua news agency. The
newly-adopted initiative is to promote bilateral trade relations and
boost tourism, enabling Russians traveling to the Chinese region to
pay for their expenses directly in rubles. This year’s six month
Russia-China financial results look promising with yuan-denominated
payments reaching the value of $1.32 billion, added Mei.”
“Wu
Qinglan, executive vice-mayor of the Chinese city, believes the
program guarantees a long-term outlook. 'Next, we will carry out dual
currency settlement in shopping malls, hotels and restaurants in
Suifenhe. All the banks will provide services accomplishing the
storage and exchange of rubles,' she said, as cited by the CRI
English news website.”
“In
2014, the Russian Central Bank and the People’s Bank of China drew
up a three-year currency swap agreement, worth 150 billion yuan
(around $24.5 billion), securing financial cooperation between the
nations in the light of tense relations with the US and EU over the
Ukraine crisis. Suifenhe is a major hub in China in terms of trade
with Russia and one of the points where Chinese and Russian railway
systems connect.”
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