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Central banks of China, Kazakhstan to open special accounts on currency swap

Kazakhstan Materials 26 July 2011 11:07
The central banks of Kazakhstan and China have agreed to open special accounts under an agreement on yuan/tenge swap.
Central banks of China, Kazakhstan to open special accounts on currency swap

The central banks of Kazakhstan and China have agreed to open special accounts under an agreement on yuan/tenge swap, Xinhua reported.

The agreement was reached at the seventh meeting of the Kazakh- Chinese Sub-Committee for Financial Cooperation, which was held in Astana on Monday.

The two sides noted during the meeting that the sales turnover between the two countries had been growing steadily, which meant that the two countries could use their national currencies for payments.

Kazakhstan and China also agreed to boost partnership relations in terms of their payments in foreign and national currencies, to improve the payment mechanisms between banks and to consider the possibility of creating and improving the system of clearing in the national currencies.

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