China allows usage of ruble in Sino-Russian border city

PTI, Beijing: China’s central bank has allowed usage of Russian currency ruble along with yuan instead of US dollar in Suifenhe city on the Sino-Russian border in northeast China, the first site in the communist country where a foreign currency can freely circulate.
The People’s Bank of China (PBC) authorised Suifenhe City in Heilongjiang Province as a pilot zone where the ruble can be officially used alongside the yuan instead of US dollar.
Jin Mei, deputy secretary-general of the monetary policy committee of the central bank, made the announcement Saturday at the opening ceremony of a trade exposition in Suifenhe, state-run Xinhua news agency reported.
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 US dollar, Jin said.
Suifeihe City is the major hub of Heilongjiang Province’s trade with Russia.
The city accounted for 80 per cent of Heilongjiang’s export of goods to Russia and reported a foreign trade of USD 7.59 billion in 2014.

China allows usage of ruble in Sino-Russian border city

PTI, Beijing: Chinas central bank has allowed usage of Russian currency ruble along with yuan instead of US dollar in Suifenhe city on the Sino-Russian border in northeast China, the first site in the communist country where a foreign currency can freely circulate. The Peoples Bank of China (PBC) authorised Suifenhe City in Heilongjiang Province as a pilot zone where the ruble can be officially used alongside the yuan instead of US dollar. Jin Mei, deputy secretary-general of the monetary policy committee of the central bank, made the announcement Saturday at the opening ceremony of a trade exposition in Suifenhe, state-run Xinhua news agency reported. 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 US dollar, Jin said. Suifeihe City is the major hub of Heilongjiang Provinces trade with Russia. The city accounted for 80 per cent of Heilongjiangs export of goods to Russia and reported a foreign trade of USD 7.59 billion in 2014.