The Chinese yuan will likely be used in special economic zones North Korea is jointly developing with China on Hwanggeumpyeong Island, Wihwa Island, and Rason City.

A Chinese newspaper reported that North Korea and China announced their plans to use the currencies of both North Korea and China as payment means in the special economic zones at an investor relations presentation held in Beijing on Wednesday.

The two countries also plan to open bank branches in the special economic zones. They will place no ceiling on the amount of remittances from the special economic zones. Foreigners and their cars can freely enter and leave the economic zones through a predesignated checkpoint without going through special immigration procedures.

A North Korean official said that the minimum monthly wage for ordinary North Koreans working in the special economic zones is 30 euros, and joint ventures must hire North Korean employees.