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Kazakhstan and China to Develop Mutual Settlements in Yuan

The memorandum will promote wider use of national currencies in cross-border trade

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www.kapital.kz
www.kapital.kz

The National Bank of Kazakhstan and the People's Bank of China signed a memorandum that will allow both countries to use national currencies in mutual settlements, QazMonitor reports citing the press service of the National Bank.

According to the official statement, the memorandum formalizes agreements between the central banks on clearing arrangements and data exchange related to the progress of cross-border settlements in national currencies.

The memorandum will also provide an incentive for the development of mutual trade and investment activities.

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