Related News
Kazakhstan’s yuan center to service central Asia
Print Edition
KAZAKHSTAN will build an offshore yuan center to serve the central Asia region as trade and investment increases with China, a Kazakhstan government official told Shanghai Daily.
The central Asian country will also expand the yuan clearing network, extend cooperation with the Shanghai stock and gold exchanges, said Kairat Kelimbetov, governor of Astana International Financial Center and former National Bank chairman. More Chinese financial institutions will be encouraged to help Kazakhstan develop its capital, Astana, as an international financial center, he added.
“I think there is an optimistic future for the globalization of the yuan,” said Kelimbetov. “China is among the world’s largest economies and it has to be represented in the monetary system. Many central banks now are creating their assets in yuan. As a key trading partner of China, Kazakhstan wants to be involved in the internationalization of the yuan.”
Kelimbetov predicted that Chinese companies are expected to be the largest cluster of foreign investors there when the Astana International Financial Center, initiated in 2015, starts full operation in 2018.
China is also the second largest trading partner of Kazakhstan, especially in the country’s exports of oil, gas and uranium.
“Trade between China and Kazakhstan is now around US$20 billion, and we expect the volume to double within the next 10 years,” Kelimbetov said, adding that “we are optimistic that financial links will strengthen.”
CITIC Bank is discussing to set up an office in Astana following the Bank of China and the Industrial and Commercial Bank of China.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
