Local currency settlement between China, Russia lowers risks
Updated: 2010-11-29 17:07
BEIJING - Local currency settlement between China and Russia will help banks and enterprises in both nations reduce costs and exchange rate risks, Ma Delun, deputy governor with the People's Bank of China, said Monday.
China started to allow the yuan to trade against the Russian ruble on its foreign exchange market from Nov 22 and the yuan will trade on the Russian market in the near term.
Financial cooperation between China and Russia had been fruitful and mutually beneficial, said Ma.
Local currency settlement had expanded from cross-border trade to tourism since China and Russia signed a treaty concerning trade settlements in their border regions in 2002, Ma said.
Bilateral trade this year is expected to exceed $50 billion.
Wimbledon semifinalist Li Na led host China to capture the team tennis title on Tuesday at the Asian Games, accomplishing her Asiad tour with three consecutive victories.
China continues to face mounting pressure to curb environmental degradation, despite progress in reducing pollution over the last five years, the environmental protection minister warned.
China's top labor official said the country will face a tough employment situation in the next five years.
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