Translation. Region: Russian Federal
Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
BEIJING, Aug. 8 (Xinhua) — In the first seven months of this year, financial institutions in the Chinese part of the China-Kazakhstan International Cross-Border Cooperation Center (ICBC) "Khorgos", located in the city of the same name in northwest China's Xinjiang Uygur Autonomous Region (XUAR), reported the cross-border movement of 38 batches of cash, including 471 million yuan and 450 million tenge, the Xinjiang Daily newspaper reported, citing data from customs services of the ICBC "Khorgos".
According to the data, both indicators increased 44 and 7.5 times year-on-year, respectively.
The significant increase in the amount of cash transferred was due to the growing flow of visitors to the above-mentioned center and the subsequent consumer boom, the customs emphasized. According to previously published data, as of August 3, the flow of visitors to the Khorgos ICBC this year exceeded the mark of 6 million people-times, increasing by 66 percent year-on-year and reaching a historical maximum for the same period of previous years.
The cross-border cash exchange effectively meets the needs of Chinese and Kazakh enterprises and residents for foreign exchange and payments in local currencies in cross-border trade, as well as tourism and shopping, the customs control service of the Khorgos ICBC reported.
The first time that cash tenge was exchanged in China was in the center in 2018.
The Khorgos International Centre of Broadcasting and the city of the same name will create cross-border financial services centres aimed at enterprises in China and Central Asian countries, according to the Plan for the Construction of a Regional Financial Centre in the Key Zone of the Silk Road Economic Belt for 2016-2030. -0-
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