BEIJING, Jan. 11 (Xinhua) -- It is a favorable time for the further development of China-Mongolia-Russia Economic Corridor (CMREC), according to a research report on CMREC published recently.
The CMREC aims to align China's Belt and Road Initiative with Russia's Trans-Eurasian Belt Development and Mongolia's Steppe Road program. It creates an overarching platform for the three parties to expand development opportunities beneficial to all, promote regional economic integration, and enhance their collective competitiveness in the international market.
The three countries have enjoyed not only good political relations but also strong economic complementarities, creating good opportunities for their cooperation.
Besides, China's investment in Russia and Mongolia has seen remarkable growth in the past years. China is now the largest trade partner and the largest investor of Mongolia.
According to statistics released by MOC, the bilateral trade volume between China and Russia in the first eleven months of 2018 was 97.24 billion U.S. dollars, up 27.8 percent year on year. China remains Russia's principle trade partner and Russia is China's tenth largest trade partner.
According to the report, China has established a payment versus payment (PVP) system for Chinese yuan and Russian ruble transactions in a move to reduce settlement risks and improve foreign exchange market efficiency.
PVP systems allow simultaneous settlement of transactions in two different currencies in the clearing house offering clearing and settlement services. In addition, the total volume of transactions between yuan and ruble has increased rapidly since the launch of trading of the currency pair in 2010. (Edited by Wu Shuang, wushuang2018@xinhua.org)
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