The Currency Union of the Shanghai International Capital Park for SCO members

Photo: people.com.cn

On August 8, the opening ceremony of the Currency Union of the Shanghai International Capital Park and the launch of the first international currency transactions was held in Qingdao, China, ‘People's Daily’ informs.

The purpose of this Union is to consistently implement the spirit of the Shanghai Cooperation Organization (SCO) summit in Astana, as well as to create the first currency platform for SCO member countries.

The main objectives of the union are to promote currency trade transactions among union members, service the construction of a cross-border settlement center for the SCO international capital port, and stimulate close communication and cooperation between union members.

It is planned to implement free conversion of currencies within the framework of current bank accounts, the possibility of creating a mechanism for cross-border settlements and exchange in local currencies is being studied, a wider choice of currencies is provided for foreign trade activities of SCO member countries, the share of settlements in local currencies is expanding, thereby reducing the cost of cross-border settlements, promoting capital financing, and deepening cross-border financial cooperation between SCO member countries.

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