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China-Russia ties hailed
Source: Xinhua |
November 30, 2010, Tuesday
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Print Edition
Print Edition
LOCAL currency settlement between China and Russia will help banks and enterprises in both nations reduce costs and exchange rate risks, Ma Delun, deputy governor of the People's Bank of China, said yesterday.
China started to allow the yuan to trade against the Russian ruble on its foreign exchange market from November 22 and the yuan will trade on the Russian market in the near term.
The ruble is the seventh currency traded on China's Foreign Exchange Trade System after the introduction of the US and Hong Kong dollars, the euro, yen, British pound and Malaysian ringgit.
Financial cooperation between China and Russia had been mutually beneficial, said Ma.
China started to allow the yuan to trade against the Russian ruble on its foreign exchange market from November 22 and the yuan will trade on the Russian market in the near term.
The ruble is the seventh currency traded on China's Foreign Exchange Trade System after the introduction of the US and Hong Kong dollars, the euro, yen, British pound and Malaysian ringgit.
Financial cooperation between China and Russia had been mutually beneficial, said Ma.
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