OUT OF MIND
Would you like to react to this message? Create an account in a few clicks or log in to continue.
Latest topics
» RIP John McAfee
First currency trading center opened on Vietnam-China border EmptyYesterday at 9:13 pm by PurpleSkyz

» Bad-clown Rising - It's only paper
First currency trading center opened on Vietnam-China border EmptyYesterday at 8:13 pm by PurpleSkyz

» A Super Strawberry Moon Is Rising Tonight - Last Supermoon of the Year
First currency trading center opened on Vietnam-China border EmptyYesterday at 8:04 pm by PurpleSkyz

» Earth has a 'pulse' of 27.5 million years
First currency trading center opened on Vietnam-China border EmptyYesterday at 12:39 pm by PurpleSkyz

» FULL (OF IT) Benjamin Fulford 6-21-21… “Summer Solstice Turning Point as Military-Industrial Complex Takes on Medical Industrial Complex”
First currency trading center opened on Vietnam-China border EmptyYesterday at 10:13 am by PurpleSkyz

» UFO NEWS ~ Oumuamua like Craft found on Google Sky plus MORE
First currency trading center opened on Vietnam-China border EmptyYesterday at 9:59 am by PurpleSkyz

» What if they put covid vaccines in those chemtrails?
First currency trading center opened on Vietnam-China border EmptyYesterday at 9:40 am by PurpleSkyz

» A New Epidemic Of “Black Fungus” Is Attacking Thousands As It Sweeps Across India
First currency trading center opened on Vietnam-China border EmptyYesterday at 9:18 am by PurpleSkyz

» Declaration of Canadian Physicians for Science and Truth
First currency trading center opened on Vietnam-China border EmptyYesterday at 9:13 am by PurpleSkyz

» Bad News for the Vaxxed
First currency trading center opened on Vietnam-China border EmptyYesterday at 9:10 am by PurpleSkyz

» California Medical Board Hears Testimony in Trial of Physician Who Risks Losing License for Writing Vaccine Medical Exemptions
First currency trading center opened on Vietnam-China border EmptyYesterday at 8:57 am by PurpleSkyz

» WHO Scrubs 'Children Should Not Be Vaccinated' Statement From Website
First currency trading center opened on Vietnam-China border EmptyYesterday at 8:52 am by PurpleSkyz

» ‘Informed Dissent’ on Vaccine Refusal
First currency trading center opened on Vietnam-China border EmptyYesterday at 8:47 am by PurpleSkyz

» American Airlines Cancelling Hundreds Of Flights: What’s Going On?
First currency trading center opened on Vietnam-China border EmptyYesterday at 8:39 am by PurpleSkyz

» Mandatory Vaccination Lawsuit by Houston Methodist Hospital Employees Dismissed
First currency trading center opened on Vietnam-China border EmptyYesterday at 8:36 am by PurpleSkyz

» UFOs Disappearing Into The Oceans Remains A Mystery
First currency trading center opened on Vietnam-China border EmptyWed Jun 23, 2021 12:02 pm by PurpleSkyz

» Good People Doing Good Things — Ms. Shirley Raines
First currency trading center opened on Vietnam-China border EmptyWed Jun 23, 2021 10:03 am by PurpleSkyz

» I’m in healthcare caring for the vaxed and will tell you how many deaths...
First currency trading center opened on Vietnam-China border EmptyWed Jun 23, 2021 9:57 am by PurpleSkyz

» Vaccine Remorse hits America
First currency trading center opened on Vietnam-China border EmptyWed Jun 23, 2021 9:51 am by PurpleSkyz

» Tiny Cannabis Capsules Could Help Treat Alzheimer’s, MS, and TBI
First currency trading center opened on Vietnam-China border EmptyWed Jun 23, 2021 9:46 am by PurpleSkyz

» Study Shows Ivermectin has ‘Significant Impact’ on COVID19
First currency trading center opened on Vietnam-China border EmptyWed Jun 23, 2021 9:30 am by PurpleSkyz

» Apollo 11 Transparent Astronaut, NASA Lied!
First currency trading center opened on Vietnam-China border EmptyWed Jun 23, 2021 9:21 am by PurpleSkyz

You are not connected. Please login or register

OUT OF MIND » THE INSANITY OF REALITY » GOVERNMENT & THE NEW WORLD ORDER » First currency trading center opened on Vietnam-China border

First currency trading center opened on Vietnam-China border

Go down  Message [Page 1 of 1]

ymoilman2


First currency trading center opened on Vietnam-China border

Posted by gg4 on December 3, 2014 at 7:13am
• Staff Reporter
• 2014-12-03
• 17:31 (GMT+8)


China has opened a currency trading center on the border with Vietnam, the first of its kind in the country that has effectively reduced rampant and illegal private foreign exchange trading there, Shanghai's China Business News reports.
In Vietnam, it requires tens of thousands of Chinese yuan to obtain the government's approval for the establishment of a bank, the main reason behind the rampant illegal private forex trading at the border, according to the report.
Before 2009, exchanges between the two currencies had to be conducted via US dollars in local banks, contributing to the rise of "bank stalls" that provided the illegal service of direct exchanges between the Chinese yuan and the Vietnamese dong in the cross-border region.


Merchants in Dongxing in southern China's Guangxi Zhuang autonomous region near the border with Vietnam had to conduct currency conversions through such "bank stalls," where there could a huge difference currency exchange rates from one stall to the next, the report said.
Since there was no official exchange rate from yuan to dong, the market price was determined by local "bank stalls" and the conversion process was simple and underdeveloped.
Since China established a currency trading center on the China-Vietnam border in April though, the situation of rampant illegal private currency trading has improved significantly.

The ASEAN (Association of Southeast Asian Nations) Currency Business Center, initiated by the Agricultural Bank of China in Dongxing, allows direct convertibility of yuan and dong by both individuals and companies.
China was Vietnam's largest trade partner in 2013 with its total turnover reaching US$50 billion, up 22% year-on-year, according to Vietnam customs authorities.
In 2013, Vietnam spent US$ 37 billion on imports from China, up 28.4%, while it exported US$ 13 billion worth of goods to China, up 7% year-on-year.
After it began promoting the yuan's globalization in 2009, China launched a series of programs to promote usage. These included a pilot program to expand the investment quota under its renminbi qualified foreign institutional investors (RQFII) that allows foreign investors access to stocks traded on China's mainland. They also liberalized the yuan's capital account in Shanghai's free trade zone.
The government has also launched a pilot scheme to boost the cross-border use of yuan and a scheme to connect the Shanghai stock exchange to its counterpart in Hong Kong, among others.

Visit stage3alpha at: http://s3alpha.net/?xg_source=msg_mes_network

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum