Ruble and RMB on par in first pilot zone
Print Edition
The Chinese government has authorized Suifenhe City at the China-Russia border as the country’s first pilot zone where the ruble can function equally as the renminbi, local government sources told Xinhua yesterday.
Under the new policy, the ruble can be freely deposited and withdrawn at local banks. People can pay their bills with rubles in Suifenhe in northeast China’s Heilongjiang Province.
It is the first time since the founding of the People’s Republic of China that a foreign currency is allowed to function on a par with renminbi in a designated area on the Chinese mainland.
An official with the Suifenhe Branch of the People’s Bank of China, the country’s central bank, said the policy would help crack down black market transactions of rubles, and to enhance regulations over the transactions.
Analysts said the new policy could contribute to the formation of a direct exchange rate between the renminbi and the ruble, and help promote the use of the Chinese currency in Russian cities.
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