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Chinese border city gives green light to use of ruble

Published time: December 08, 2013 14:59

Chinese government has allowed the usage of Russian currency, the ruble, along with the yuan, in the city of Suifenhe on the Sino-Russian border in northeast China.

Suifenhe, sometimes called “the capital” of Chinese-Russian trade, will become the first site in the republic since its founding in 1949 where a foreign currency can freely circulate, Xinhua agency reported Sunday.

The Chinese will be able to make bank deposits and withdrawals in Russian rubles, and also use rubles to pay for goods and services.

The People’s Bank of China believes the move will help to counter illegal currency swaps and turn Suifenhe into a model site for the ruble-yuan trade.

The city, in the Heilongjiang Province, has been one of key channels for Sino-Russian trade, with hundreds of Russians arriving in Suifenhe daily for business purposes or as tourists, which has led to a surge in the use of Russian cash.

Analysts say that the decision to allow the circulation of rubles will prepare the way for the subsequent introduction of a similar rule for the use of China’s yuan in Russian cities.

Earlier, the Suifenhe government announced that from December they would introduce a visa-free travel for Russians with valid passports for a stay of up to 15 days.

Three years ago, in December 2010, Moscow's Micex stock exchange started trading the yuan against the ruble for the first time, as Russia and China sought to reduce the use of US dollars in trade.

Comments (9)

 

Horsenut 10.12.2013 04:01

Gee Otto who cares if you can use Canadian money in the border states. The whole point of the new Russia, China deal is just one more straw on the camels back. The US Dollar is the world currency at the moment. China is setting it's self up to take over that possition. The US did this to it's self. Our monetary practices suck.

 

otto mondo 10.12.2013 03:31

Horsenut is at least a nut. What precisely has the United States brought onto itself? In Maine and Northern Vermont and New Hampshire you can easily use Canadian money. I am not sure what the big deal is, nor can I imagine, rogirl, how this will make the IMF squirm, or for that matter take notice.

Hor senut's "Democrates&quo t; are trying to destroy the United States by putting some common sense controls back into banking and providing healthcare for its citizens? Wow. That is EVIL incarnate. (Israel and SA are real evil)

Idiot s like Horsenut who vote for Tea Party rabble are the real threat to the United States.

 

Horsenut 09.12.2013 23:35

The US has brought this on ourselves. We baled out the banks when we shouldn't have, We turned our backs on our allies (Isreal and Saudi Arabia) and We have allowed our politicians (Democrates) to distroy us from within. Is it any wonder that the world in tired of this! Our Dollar in going into the toilet because the Fed keep printing it out of thin air..... Soon that's what it will be worth, THIN AIR!

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