China transports15 million yuan in cash to Russia
Yuan
The trucks loaded with boxes of cash left China for Russia through Dongning Port in the city of Dongning
China's Heilongjiang Province allocated and transported 15 million yuan in cash to Russiaon Tuesday, marking the official establishment of a land route of transporting cash fromChinato Russia.
The trucks loaded with boxes of cash leftChinafor Russia through Dongning Port in the city of Dongning, northeastChina's Heilongjiang Province.
The cash transport is designed to meet the growing demand for the Chinese currency in Russia's Far East. The use of the renminbi will not only reduce foreign exchange costs and risks, bus also reduce the fees charged on cash payments in the renminbi market in Russia.
"Cross-border RMB settlements have changed the previous mode in which the US dollar is the only settlement currency in Sino-Russian economic and trade activities, achieving a diversified settlement mode for renminbi and ruble," said Wang Shoubin, the Director of the Finance Office of Dongning City.
Heilongjiang reported a 47.7 per cent annual growth in its trade with Russia in the first quarter of the year, with trade value reaching 27.1 billion yuan (about 4.3 billion USdollars).
"The thriving of Sino-Russian border trade has become a key driving force in promoting the healthy economic and social development in the neighbouring areas ofChinaand Russia," Wang added.
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According to Zhang Jianhui, chairman of Longjiang Bank, the cash transport will become more and more regular, to satisfy Russia's demand for renminbi cash.