Kazakhstan and China sign three-year currency swap, plan QR payment integration by year-end
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The National Bank of Kazakhstan and the People’s Bank of China signed a new three-year currency swap agreement and agreed to pilot cross-border settlements using digital tenge and digital yuan. The accords, reached during a Kazakh delegation’s working visit on July 30–31, also include plans to integrate QR code payments between the two countries’ banking systems by the end of 2026.
Currency Swap Agreement
The three-year swap line was signed between the two central banks during meetings in China on July 30–31, the National Bank of Kazakhstan said. The facility allows the exchange of local currencies between the two central banks to support trade and financial stability. No nominal amount was disclosed.
Digital Currency Pilot and QR Payments
The sides agreed to start a pilot project for settlements in digital tenge and digital yuan. Separately, plans call for the integration of QR-code payments between Kazakh and Chinese banks by the end of 2026, Deputy Governor of the National Bank of Kazakhstan Binur Zhalenov told Exclusive.kz. The system will let users pay through their existing banking apps without installing additional services.
Broader Financial Cooperation
The two countries will also sign a memorandum of understanding between the Association of Financiers of Kazakhstan and the China Banking Association. The Kazakh delegation pitched Chinese partners on investment projects and the financial ecosystem of the Alatau special economic zone, highlighting opportunities in digital finance, artificial intelligence and attracting international investors.
What's Next
The central banks will now work towards the QR-payment integration target and the digital-currency settlement pilot. It remains unclear how quickly the pilot can be expanded or what trade volumes will eventually flow through the new swap line.
3 sources
Kazakhstan and China sign three-year currency swap, plan QR payment integration by year-end
