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China Says No To Bitcoins, But Yes To Russian Ruble
Seeking Alpha ^ | Marc Chandler

Posted on 01/28/2014 12:01:41 AM PST by cunning_fish

Last week, just as a couple of bank analysts suggested that central banks may use the bitcoin for reserves and that a fair value is higher than prevailing prices, China banned its banks from trading the digital currency. Over the weekend, Baidu (BIDU), China's biggest internet portal, reversed itself and indicated it would no longer facilitate the use of bitcoins.

Separately, China has embraced another currency: The Russian ruble. In the border city of Suifenhe in the Heilongjian Province, China has recognized the ruble and is willing to allow it to circulate freely. We note that Russians are allowed to visit Suifenhe without visas.

China is unlikely to do this unilaterally. Russia should be expected to shortly announce allowing the renminbi to trade freely in some border city. The reciprocity should, over time, generate a true market based bilateral exchange rate.

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TOPICS: Business/Economy; Culture/Society; Foreign Affairs; Government
KEYWORDS: china; russia; yuan

1 posted on 01/28/2014 12:01:41 AM PST by cunning_fish
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To: cunning_fish

Dugh the eworld...and the real world...are not the same world.

a whole generation is about to find that out.

oh well

2 posted on 01/28/2014 12:37:43 AM PST by Therapsid (i)
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