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China allows use of Ruble in city bordering Russia

Suifenhe, a Chinese city bordering Russia has become the first in the country to allow the Ruble to be used alongside Yuan after the Russian currency became an increasingly popular form of payment among residents and traders.



Beijing: Suifenhe, a Chinese city bordering Russia has become the first in the country to allow the Ruble to be used alongside Yuan after the Russian currency became an increasingly popular form of payment among residents and traders.

After the Chinese cabinet recently approved the use Russian currency in Suifenhe, experts are predicting a surge in Russian visitors to the city in northeast China`s Heilongjiang Province as travelling will now be easier, state-run Xinhua new agency reported.

Travelling in China is now easier for Russians as they can spend Rubles in the city on the border of the two countries, said Song Kui, president of the Contemporary China-Russia Regional Economy Research Institute in Heilongjiang.

Earlier this month, Suifenhe became the first Chinese city to allow a foreign currency to be used alongside the Yuan, after the Ruble became an increasingly popular form of payment among residents and traders.

Song said the pilot programme will also curb illegal Ruble currency trade in the local underground exchange market.

Meanwhile, a new border entry policy that became effective on December 1 allows Russians to enter Suifenhe without a visa as long as their stay in the city lasts less than 15 days.

With use of the Ruble officially recognised, tourism will likely see a boom, said Song Qinghai, a staff member from a travel agency in Suifenhe.

The city usually sees the largest influx of Russian travellers during the summer, Song added.

In the first 11 months of 2013, more than 745,947 foreigners entered China through Suifenhe, up 12.2 per cent from the same period a year ago and contributing more than 94 million US dollars in tourism revenue, according to Wang Tao, deputy director of the city`s tourism bureau.

From Zee News

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