Ereenhot port handles cross-border cash transfer

A port in Inner Mongolia autonomous region has facilitated a cross-border cash transfer of Mongolian tugrik and Chinese yuan, according to the Hohhot branch of the People's Bank of China, on Feb 15.

A total of 200 million tugrik ($82,850) and 30 million yuan ($2.95 million) in cash was exchanged at Ereenhot port on Jan 31, with the transfer organized by the People's Bank of China and the State Administration of Foreign Exchange in Hohhot.

The event is a major breakthrough in the cross-border transportation of Mongolian currency, marking the establishment of a two-way cash transportation system.

The new foreign currency system saves transportation costs for banks in Mongolia and China, and facilitates cross-border study, tourism and trade. It also promotes bilateral transactions and trade settlement, which is of great importance in developing the China-Mongolia-Russia Economic Corridor.