
The People's Bank of China (PBC) has authorized Suifenhe City on the China-Russia border in northeastern China's Heilongjiang Province as a pilot zone where the ruble can be officially used alongside the yuan.
Jin Mei, deputy secretary-general of the monetary policy committee of the central bank made the announcement at the opening ceremony of a trade exposition in Suifenhe Saturday.
The circulation of the Russian ruble in the border city is a result of the "benign development" in settling bilateral trade with yuan and ruble instead of U.S. dollar, Jin said.
Suifeihe City is the major hub of Heilongjiang Province's trade with Russia. The city accounted for 80 percent of Heilongjiang's export of goods to Russia and reported a foreign trade of 7.59 billion U.S. dollars in 2014.
Ruble is already widely used in Suifenhe, particularly in shops and hotels targeting Russian customers, local sources said.
City officials believe that legalizing the use of ruble will promote bilateral economic cooperation and boost tourism. The pilot project will not threaten the renminbi as the domestic currency, they said.
China and Russia signed a currency swap agreement in 2014 as a foundation for financial cooperation between the two nations.
Cross-border yuan-dominated payments between China and Russia reached 8.22 billion yuan (1.32 billion U.S. dollars) in the first half of 2015, a 112-percent year-on-year increase, according to Jin.
GMT 09:54 2018 Tuesday ,23 January
Davos-bound bosses very upbeat on world economyGMT 09:37 2018 Tuesday ,23 January
Former KPMG executives charged in accounting oversight scamGMT 22:49 2018 Sunday ,21 January
Brexit special trade agreement possibleGMT 22:46 2018 Saturday ,20 January
China economy rebounds in 2017 with 6.9% growthGMT 22:37 2018 Saturday ,20 January
GE takes one-off hit of $6.2 bn linked to insurance activitiesGMT 19:58 2018 Saturday ,20 January
Watchmakers hope to make Chinese market tickGMT 19:54 2018 Saturday ,20 January
US shutdown unlikely to harm debt rating: FitchGMT 19:50 2018 Saturday ,20 January
EU's Moscovici slams Ireland, Netherlands as tax 'black holes'

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor