Kyrgyzstan and China discuss issue of securities in yuan

Finance Minister of Kyrgyzstan Almaz Baketaev, Chairman of the National Bank Melis Turgunbaev and Minister of Economy Daniyar Amangeldiev met with Deputy Governor of the People’s Bank of China Zhang Qingsong. The Ministry of Finance of the Kyrgyz Republic reported.

The meeting was held as part of the session of the Intergovernmental Kyrgyz-Chinese Commission on Trade and Economic Cooperation and the opening ceremony of the 8^th Silk Road Expo exhibition.

The participants discussed issues of financial partnership between Kyrgyzstan and China, including the issue of government securities in yuan to attract foreign investment and expand securities markets.

The Kyrgyz side asked questions about the provision of guarantees from Chinese financial institutions for the successful placement of securities, as well as the conclusion of an agreement on mutual settlements between the People’s Bank of China and the National Bank of the Kyrgyz Republic. The connection of the National Bank to the cross-border interbank payment system was also discussed.

In addition, the parties considered cooperation of commercial banks of Kyrgyzstan with the Bank of China, since only two out of 21 financial institutions have correspondent relations with it.