Kazakhstan and China sign three-year currency swap agreement
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The National Bank of Kazakhstan and the People's Bank of China signed a three-year currency swap agreement on August 4 in Beijing. The agreement aims to provide access to liquidity in national currencies and support bilateral trade and investment.
Key Facts
- The agreement is for three years with the possibility of extension by mutual consent.
- The signing took place during a visit of a delegation from the National Bank of Kazakhstan and the Agency for Regulation and Development of the Financial Market to China.
- The parties discussed the macroeconomic situation, investment climate, changes in Kazakhstan's banking legislation, and prospects for issuing yuan-denominated bonds by Kazakhstan.
Agreement Details
The National Bank of Kazakhstan and the People's Bank of China signed the agreement on August 4 in Beijing. The agreement is valid for three years and can be extended by mutual consent. The National Bank stated that the agreement will strengthen strategic financial cooperation between Kazakhstan and China by providing access to liquidity in national currencies.
Bilateral Discussions
During negotiations with the People's Bank of China and the National Administration of Financial Regulation of China, the parties discussed the current macroeconomic situation and investment climate of both countries. They also reviewed recent changes in Kazakhstan's banking legislation and prospects for Kazakhstan issuing yuan-denominated bonds. The National Bank's press service noted that the agreement will create favorable conditions for developing bilateral trade, expanding investment cooperation, and increasing the use of national currencies in mutual settlements.
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Kazakhstan and China sign three-year currency swap agreement
