BAKU, Azerbaijan, September 21. Kazakhstan and China have agreed to develop mutual settlements in Chinese yuan, Trend reports via the National Bank of Kazakhstan.
The relevant memorandum was signed by the National Bank of Kazakhstan and the People's Bank of China as part of the implementation of the decisions made by the Kazakh-Chinese Subcommittee on Financial Cooperation on the use of national currencies in mutual settlements.
The memorandum consolidates the agreements of central banks on the issues of clearing and data exchange on the development of cross-border settlements in national currencies.
The signing of the memorandum has become a new step in strengthening Kazakh-Chinese cooperation in the financial sector between both countries and will contribute to the wider use of national currencies in cross-border settlements, as well as the development of mutual trade and investment activities.
