The Inauguration of Shanghe International Capital Hub’s Foreign Exchange Transaction Union & Launching of the First Batch of Transactions was held in the Qingdao SCODA International Expo Center. Implementing in a thorough way the guiding principles from the SCO Astana summit, the union is designed to become the first listed transaction platform for the SCO member states’ currencies.

The union is primarily tasked with persuading its members to deal in currency transactions, facilitating the building of a cross-border settlement center in the Shanghe International Capital Hub and fostering closer communication and cooperation between its members. It will work hard to ensure free convertibility between RMB and such other currencies as Tenge, explore the mechanism for cross-border settlement and remittance in local currencies to make more kinds of currencies available for imports and exports by SCO member states and increase the share of local currencies in settlement. Thus, cross-border settlement costs can be reduced, capital flows boosted, and cross-border financial cooperation between SCO member states deepened.  (Wang Meng)

The inauguration of the Shanghe International Capital Hub’s Foreign Exchange Transaction Union.