Kazakhstan, China eye to increase share of national currencies in bilateral trade

Business Materials 12 June 2018 12:59 (UTC +04:00)

Baku, Azerbaijan, June 12

By Ali Mustafayev – Trend:

Kazakhstan and China intend to increase the use of national currencies in bilateral trade and mutual investment.

"China and Kazakhstan will continue the implementation of the agreement between the National Bank of Kazakhstan and the People's Bank of China on the "tenge/yuan" currency swap, the introduction of innovative methods of financing and guarantees and the effective use of various investment platforms," according to the joint statement of Nursultan Nazarbayev and Si Jinping.

The parties also agreed to strengthen cooperation in the field of cross-border electronic commerce, establishing a mechanism for interaction in this area.

The two countries plan to create a new platform and model of cooperation to stimulate the integration of national programs for the development of the "digital economy".

"China and Kazakhstan also support the establishment of strategic cooperation and partnership between the Astana International Financial Center (AIFC), the Silk Road Fund and the China-Eurasian Economic Cooperation Fund," according to the statement.

The leaders of the two countries also welcomed the prospect of including the Silk Road Fund in the list of the AIFC shareholders.


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