The Chinese top officials adopted a curious document concerning a Sino-Russian border city of Suifenhe. It does not happen often that a government allows a foreign currency to serve along a national one. It is especially unexpected in case of the People’s Republic of China. Since the very start, the yuan was the only pivot of the country’s monetary system; what is more, using any other currency once used to be a crime. But time does not stand still, and politics as the basis of relations gives way to commerce. Seeking pecuniary benefit, the Chinese authorities gave green light to the use of the Russian ruble in the city of Suifenhe. Within the framework of this pilot project, the ruble will be used as a settlement currency. The official press agency of the People's Republic of China, Xinhua, confirmed this information. Now rubles can be used to pay for goods and services and deposit in bank accounts. In an interview, a representative of the People's Bank of China emphasized the significance of this step. The innovative move is to help to counter illegal currency swaps; what is more, the yuan is likely to gain popularity in Russia.
Suifenhe has been actively promoting cross-border trade since the 1980s. Since early December, Russian citizens are allowed to stay in Suifenhe city for 15 days without the visa.
