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Tazabek According to the People’s Daily, on August 8, the unveiling ceremony of the Shanghai International Capital Park Currency Union and the launch ceremony of the first international currency transaction were held in Qingdao, China.
The main objectives of the monetary union are to promote foreign exchange trade transactions among the members of the union, serve the construction of the SCO International Capital Port Cross-Border Settlement Center, and promote close communication and cooperation among the members of the union.
“Plans for currency convertibility, including Tenge and RMB, Under the framework of the bank’s current account, research will be conducted on establishing a mechanism for cross-border settlement and exchange of local currencies to provide a wider range of currency options for the SCO member states’ foreign trade activities,” the statement said.
It is estimated that this move has reduced cross-border payment costs, promoted capital financing, and deepened cross-border financial cooperation among SCO member states.
Source: People’s Daily Online
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