China, Kazakhstan Agree on Using National Currencies in Trade

Kazakhstan's National Bank and China's People's Bank signed a deal on carrying out financial operations in the tenge and the yuan, national currencies of the countries.

ASTANA, December 14 (Sputnik) – Kazakhstan's Prime Minister Karim Massimov and Chinese Premier Li Keqiang agreed to carry out financial operations between the countries in national currencies, the Novosti-Kazakhstan information agency reported Sunday.

Kazakhstan's National Bank and China's People's Bank signed a deal on carrying out financial operations in the tenge and the yuan, according to the agency.

The Kazakh Energy Ministry and the Chinese Atomic Energy Authority signed memorandums on deeper cooperation in the nuclear energy sector.

Kazakhstan's National Economy Ministry and China's National Development and Reform Commission agreed to jointly develop the Silk Road Economic Belt, a project aimed at facilitating trade ties between Europe and Asia.

China is an important trade partner for Kazakhstan, with the trade turnover between the two countries reportedly standing at $22.5 billion in 2013, which is almost 10 percent of Kazakhstan's GDP for that year.