Rouble can be used in border city
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.