日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

Global EditionASIA 中文雙語Fran?ais
Europe

Currency trading moves reap rewards

By  Zhang Ran | China Daily European Weekly | Updated: 2010-12-24 13:17
Share
Share - WeChat

Chinese fur coat dealer Sun Yanchun celebrated his happiest day in two years last week, when he heard that the ruble and the yuan could be directly traded.

Sun is from Xinji, a town in North China's Hebei province, which is also a leather and fur manufacturing hub that exports goods to Russia. The town had been hit hard by the financial crisis, which caused the ruble to depreciate more than 50 percent against the dollar by the end of 2008.


The direct yuan-ruble trading, launched on Dec 15 at the Moscow Interbank Currency Exchange, shows that China has made great efforts to push its currency in the international market. Woo He / For China Daily

?
The weak ruble has shrunk demand for Sun's fur coat exports. While the currency gradually appreciated along with Russia's economic recovery this year, his business still suffers occasionally from the volatility of the foreign exchange markets and the cost of currency exchange.

When the businessman shipped $200,000 (152,280 euros) worth of fur coats to Russia on Aug 1, the yuan was traded at 6.81 against the dollar. By the time he received his payments from clients on Dec 20, the yuan was being traded at 6.66 against the dollar. This had brought him a loss of 30,000 yuan (3,432 euros).

"For every settlement, my Russian clients have to change rubles to dollars as required by banks. It makes transactions very inconvenient and vulnerable to the volatile exchange rate," he said.

But since China and Russia kicked off the direct exchange of their currencies, Sun has begun to feel new business opportunities.On Dec 15, the Moscow Interbank Currency Exchange (Micex) officially started direct trading of the yuan and the ruble, making trade operations between Russia and China cheaper by bypassing conversion into euros or dollars.

It marked the first time that the yuan could be directly traded in another country. Up to 60 Russian banks have participated in the trading. A total of 22.7 million rubles (562, 279 euros) were traded with the yuan on Micex on the first trading day.

It is widely believed that the move will boost economic and trade cooperation between China and Russia.

"Widespread use of the yuan in foreign trade and investment can help import- and export-oriented enterprises save costs and reduce exchange rate risks," said Lu Zhengwei, an economist from Industrial Bank.

Figures from Customs show that China's trade with Russia totaled $49.96 billion in the first 11 months, an increase of 44 percent from the same period last year.

Bilateral trade volume could reach $55-57 billion for the whole year of 2010, entering the resumption of the growth phase, said Russia's trade representative Sergey Tsyplakov earlier this month in Beijing.

The two countries lifted the last restrictions on trading in the ruble and the yuan last month, following a meeting between Premier Wen Jiabao and his Russian counterpart Vladimir Putin in St. Petersburg.

Li Hui, China's ambassador to Russia, has called the move a "serious catalyst for economics and trade".

"This will hasten the process of internationalizing our currencies," Li said at the opening ceremony in Moscow, Xinhua News Agency reported.

1 2 Next   >>|

Today's Top News

Editor's picks

Most Viewed

Top
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
主站蜘蛛池模板: 久久久久亚洲精品中文字幕 | www.久久草| 精品三级在线 | chengrenzaixian| 青草娱乐 | 国产精品亚洲第一区二区三区 | 亚洲欧美成人中文在线网站 | 成人永久福利在线观看不卡 | 精品卡1卡二卡3卡 | 成人激情视频网站 | 久久精品人人做人人爽 | 国产最新一区 | 国产精品爱久久久久久久小说 | 日本欧美久久久久免费播放网 | 国产精品一区二区三区免费 | 国内精品久久久久久中文字幕 | 久久国产高清视频 | 欧美精品激情 | 免费久久一级欧美特大黄 | 免费国产一级淫片 | 99精品在线观看 | 日本中文字幕在线播放 | 欧美成人免费高清二区三区 | 丁香六月激情婷婷 | 在线一区二区三区做爰视频网站 | 国产激情一级毛片久久久 | 免费国产一级淫片 | 久草资源网站 | 欧美日韩大尺码免费专区 | 亚洲激情中文 | 国产精品爱久久久久久久小说 | 欧美在线一区二区三区 | 国产裸体bbb视频 | 国产福利专区精品视频 | 五月婷婷综合网 | 奇米成人网 | 一区二区三区www | 中文字幕亚洲一区二区三区 | 久久夜色精品国产亚洲 | 国产亚洲一区二区三区在线观看 | 久久精品国产99久久久古代 |