Rou­ble can be used in bor­der city

China Daily (Canada) - - NEWSCAPSULE -

China will al­low the rou­ble to cir­cu­late un­re­stricted in Suifenhe, Hei­longjiang prov­ince, the first time that Bei­jing has given a for­eign cur­rency the same le­gal sta­tus as the ren­minbi on Chi­nese ter­ri­tory.

The bor­der city Suifenhe has been dubbed the cap­i­tal of Sino-Rus­sian trade. The move al­lows Rus­sian visi­tors to Suifenhe to pay for their meals, shop­ping and taxi fares in rou­bles.

Un­der­ground cur­rency trad­ing was ram­pant in the city, and an­a­lysts be­lieve that the trial will cre­ate a boom of rou­ble use in the city.

Wang Jian­hui, Bei­jing-based chief econ­o­mist with stock bro­ker­age South­west Se­cu­ri­ties Co Ltd, be­lieves that Rus­sia will re­cip­ro­cate by al­low­ing the ren­minbi to trade freely in one of its own bor­der cities.

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