BEIJING, Nov. 19 (Xinhua) – The local currency settlement between China and Kazakhstan reached 1.9 billion yuan in the first three quarters of 2018, reported foreign media quoting the People's Bank of China's Urumqi Central Sub-branch president Guo Jianwei.
Guo made the remarks while attending a conference on financial industry held in Almaty, the largest city of Kazakhstan.
He also noted that local currency cooperation will revitalize the economic and trade ties between China and Kazakhstan. The two sides has signed agreements on local currency settlement and swap, and jointly launched the RMB-KZT (Kazakhstani Tenge) direct trading mechanism in the currency market.
The increases in interest rates of major developed countries have produced great pressure on emerging markets, and thus emerging economies must conduct currency cooperation to avoid currency depreciation and capital outflows, stressed Guo. (Edited by Gu Shanshan)
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