China allows direct use of cash ruble in Suifenhe city
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E-mail CRI, August 9, 2015
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| Jin Mei, vice Secretary-General of the Monetary Policy Committee of the PBOC, China's central bank, announces the launch of the pilot program to allow direct use of cash Ruble in northeast China's Suifenhe City on August 8, 2015. [Photo / dbw.cn] |
A pilot program has been launched in northeast China's Suifenhe City to allow the direct use of cash Ruble to promote border trade with Russia.
China's central bank granted an official approval for the scheme on Saturday.
The city in the southeast of Heilongjiang province borders Russia's Far East.
The move now allows Russian visitors to Suifenhe to pay for their meals, shopping and taxi fares in ruble.
"After Suifenhe became the pilot city [of using the Ruble], we can do business by using both Renminbi and Ruble. We accept both Renminbi and Ruble when the Russian merchants use them. On our price tag, there are two currencies: one is Renminbi, and the other, Ruble. This has greatly simplified our trades. The Russian merchants feel this is convenient, and so do we," said Fu Xiankun, staff member of the local Qingyun Market.
Wu Qinglan, executive vice-mayor of the Chinese city, believes the move will broaden financial cooperation between the two sides.
"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 Ruble."
The cash inflow of Ruble into Suifenhe is estimated at 30 billion, about 3 billion yuan, annually.
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