"On September 30, the People's Bank of China decided to designate JSC "Commercial and Industrial Bank of China in Almaty" as a clearing bank for operations in yuan in the territory of the Republic of Kazakhstan," the statement said on Tuesday.
As the Kazakh regulator explained, this decision was made in order to implement the agreements reached under the memorandum of understanding between the National Bank of Kazakhstan and the People's Bank of China, signed on September 20.
“The development of a clearing infrastructure for operations in yuan is an important step in strengthening cooperation between Kazakhstan and China. The activities of the clearing bank will give a new impetus to settlements in national currencies, will contribute to the development of mutual trade and investment activities,” the Kazakh National Bank believes.
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