Arab Today, arab today chinavietnam border private currency trading expected to end
Last Updated : GMT 21:50:13
Arab Today, arab today
Arab Today, arab today

China-Vietnam border private currency trading expected to end

Arab Today, arab today

Arab Today, arab today China-Vietnam border private currency trading expected to end

Beijing - XINHUA

China established a currency trading center on the China-Vietnam border on Saturday that many say will help end rampant illegal private currency trading. The ASEAN (Association of Southeast Asian Nations) Currency Business Center, initiated by the Agricultural Bank of China (ABC) in Dongxing City of south China's Guangxi Zhuang Autonomous Region, will allow direct convertibility of the Chinese yuan and the Vietnamese Dong, said Zhang Xiaogao, general manager of the International Business Department of the ABC's Guangxi branch. The center, the first of its kind in China, will boost convenience for business people in the border areas, Zhang said, adding that it could help end rampant illegal private currency trading. Exchanges between the two currencies had to be conducted via the U.S. dollar in local banks, contributing to traders that provide illegal services of direct RMB-Dong exchanges in the cross-border region. Pan Yong, a professor with Business School of Guangxi University, pointed out that owing to lack of supervision, border merchants and tourists were likely to be cheated by private currency traders with counterfeit money. "These 'bank stalls' challenge the country's foreign exchange management," he said. Pan pointed out that the center is a more secure and convenient way to exchange money, which will be a big blow to private currency traders.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today chinavietnam border private currency trading expected to end Arab Today, arab today chinavietnam border private currency trading expected to end

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today chinavietnam border private currency trading expected to end Arab Today, arab today chinavietnam border private currency trading expected to end

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today How to do your own Ramadan corner?

GMT 15:53 2017 Saturday ,27 May

How to do your own Ramadan corner?
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday