Belarus likely to connect to China’s UnionPay

Belarus is now working over a possibility to connect to China’s UnionPay payment system – as informed by Finance Minister Yuri Seliverstov in his talk with the Belarus 1 TV channel, BelTA reports

photo: www.reuters.com

"We are working over connection to Chinese systems, and it will be completed soon," Mr. Seliverstov said, adding that the move would speed up payments, return of revenue and, accordingly, tax revenues to the budget.

"We trade with China, with Chinese partners – often also in their national currency of Yuans. They are satisfied with this,” the Finance Minister said. “They have their own system that transfers Yuans. If we receive revenue in Yuans for our exports, then we will be able to purchase, for example, electronics there – by using this currency there, at that country, by transferring money through their system. If we have more opportunities to use different currencies and systems for payments, then there will be less risk and more guarantees and confidence that the revenue will return for the delivered goods and that it will be possible to make payments."