Yuan to become key currency of international payments in Chinese neighborhood - Head of Eximbank (UPDATE)
Background added (first version was published at 13.55)
China 's yuan should become the key international currency in its neighboring countries, Li Ruogu, Chairman of the Export-Import Bank of China (China Eximbank) told on Monday, Kazinform reported.
"China's Bank has already disbursed yuan-denominated loans to the neighboring countries", he said. "I am confident, that yuan will play more significant role than dollar in the region".
Li Ruogu's position, according to his words, is stable: yuan should get the status of international currency. It would benefit the economies of near-border countries, he said.
Exim Bank has already lent $6 billion to $7 billion to customers in Kazakhstan, Li said, declining to provide figures for its lending plans this year and next year, Bloomberg reported.
Kazakhstan , central Asia's biggest energy producer, secured $10 billion in loans from China in 2009 in return for a stake in oil producer AO Mangistaumunaigas. According to Bloomberg, the aid comprised a $5 billion loan from Ex-Im Bank to the Development Bank of Kazakhstan and $5 billion from China National Petroleum Corp. to KazMunaiGaz National Co.