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Kazakhstan and China sign agreement on settlements in national currencies

15 december 2014, 07:57
Photo courtesy of Bloomberg.com
Photo courtesy of Bloomberg.com

Kazakhstan and China have signed an agreement on settlements in their respective national currencies, a Tengrinews.kz journalist reports. The agreement was signed December 14 at the talks of Kazakhstan’s PM Karim Massimov and Chinese Premier Li Keqiang in Astana, Kazakhstan’s capital city.

The agreements between Kazakhstan’s National Bank and the People's Bank of China on mutual settlements in national currencies and on currency swaps (the Kazakh tenge and Chinese renminbi) were signed in the presence of the two prime ministers.

Earlier Kazakhstan’s Central Bank Governor Kairat Kelimbetov reported that the country’s Central Bank was drafting an agreement with China’s Central Bank on currency swap of 7 billion renminbi. According to him, trade operations in the national currencies were set to grow, including in near-border regions, notably Khorgos transborder cooperation center.

The same day Kazakhstan’s PM Karim Massimov and Chinese Premier Li Keqiang attended the 2nd sitting of the Kazakh-Chinese Business Council.

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