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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    RMB cash demand grows in Russia

    Lobo
    Lobo
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    Posts : 28411
    Join date : 2013-01-12

     RMB cash demand grows in Russia Empty RMB cash demand grows in Russia

    Post by Lobo Tue 05 Jan 2016, 9:31 pm

    January 5, 2015

    RMB cash demand grows in Russia

    Demand for the renminbi (RMB) is growing in Russia thanks to bilateral trade and the internationalization of the yuan.

    In 2015, Harbin Bank, in northeast China's Heilongjiang Province, transferred 35 million yuan (5.37 million U.S. dollars) in cash over three transactions to Moscow, making it the top Chinese financial institution for RMB cash transfers to Russia, the bank said Tuesday.

    RMB transfer will improve the currency's flow in Russia and support bilateral trade.

    China and Russia have improved financial cooperation to boost bilateral cooperation in recent years.

    In October, an alliance of 35 Russian and Chinese financial institutions was established to better serve cross-border financial activities during the second China-Russia Expo held in Harbin, capital of Heilongjiang.

    The central banks of the two countries signed a currency swap agreement worth 150 billion yuan or 815 billion Rubles in October 2014.

    Cross-border cash transfer of the RMB first began between China and Singapore in 2014.

    As a landmark event in its internationalization, the RMB was admitted by the International Monetary Fund (IMF) into its Special Drawing Rights basket alongside the dollar, euro, pound sterling and yen on Nov. 30.

    http://news.xinhuanet.com/english/2016-01/05/c_134980295.htm

      Current date/time is Fri 29 Mar 2024, 12:20 am