Border city selected as ruble-yuan pilot zone
Print Edition
SUIFENHE in northeast China’s Heilongjiang Province has been selected as a pilot zone in which both the Russian ruble and Chinese yuan will be legal tender.
Jin Mei, deputy secretary-general of the monetary policy committee of the People’s Bank of China made the announcement at the opening ceremony of a trade exposition in the city on Saturday.
The circulation of the ruble in the border city is a result of the “benign development” in settling bilateral trade with yuan and ruble instead of the US dollar, Jin said.
Suifenhe is a major hub for Heilongjiang’s trade with Russia. Last year, it accounted for 80 percent of the province’s exports to Russia and reported foreign trade of US$7.6 billion.
The ruble is already widely used in Suifenhe. City officials said legalizing its use will promote bilateral economic cooperation and boost tourism.
China and Russia signed a currency swap agreement last year as a foundation for financial cooperation. Cross-border yuan-denominated trade between the two countries in the January-June period rose 112 percent year on year to 8.2 billion yuan (US$1.3 billion), Jin said.
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