/IRBIS, July 25, 2011/ - July 13-14, 2011 in Astana was held the regular seventh meeting of the Kazakh-Chinese Subcommittee on Financial Cooperation, chaired by Vice-Chairman of the National Bank of Kazakhstan Tadzhiyakov B.S. and Vice President of People's Bank of China, Ma Delun, reports the press service of the National Bank of Kazakhstan.

From the Kazakh side, the meeting was attended by representatives of the National Bank of Kazakhstan, RSE "Kazakhstan Interbank Settlement Centre NBK," LEA "Association of Financiers of Kazakhstan", "NWF "SK", JSC "Kazpost ", JSC "Kazakhstan Stock Exchange", JSC "Development Bank of Kazakhstan" LLP "First Credit Bureau", JSC "National Savings Bank of Kazakhstan", JSC "BTA Bank", JSC "Kazkommertsbank", JSC "Eurasian Bank", JSC "ATF Bank", JSC SB "Bank of China in Kazakhstan ", JSC" Industrial and Commercial Bank of China in Almaty", as well as the Chinese side - Representatives of the People's Bank of China, Ministry of Foreign Affairs of China, Ministry of Commerce of the PRC, the Commission on banking regulation in China, the Commission on regulation of securities market of China , the State Administration of foreign exchange regulation of the PRC, "SINOSURE", "China Unionpay", "China Development Bank", "Export-Import Bank of China", "Industrial and Commercial Bank of China", "Agricultural Bank of China", "Bank of China","China Construction Bank", "Postal Savings Bank of China".

As stated, in the meeting, participants discussed a number of issues of mutual cooperation and identified areas for further future development of relations between the financial circles of Kazakhstan and China.

As part of the discussion on macroeconomic and financial situation in the People's Republic and the Republic of Kazakhstan, the sides exchanged information on macroeconomic and monetary policy, and noted that the volume of trade between the two countries is steadily increasing, which indicates the presence of the economic base and significant potential for increase payments in national currencies of two countries.

"Special attention to the use of national currencies of Kazakhstan and China for payment and exchange trading currency pair Chinese yuan/Kazakhstan tenge was paid. As a result of the discussion, agreement was reached on the opening of the National Bank of Kazakhstan and the People's Bank of China special accounts to each other through Agreement between the National Bank of Kazakhstan and the People's Bank of China on currency swap Chinese Yuan/Kazakhstan Tenge", - was stated in the message.

As indicated, the sides exchanged views on the difficulties faced in promoting settlement in national currencies of two countries, and therefore the parties have agreed to further promote partnerships in the settlement of foreign and national currencies, and to improve the mechanisms of settlement between banks, as well as in further discuss the establishment and improvement of the clearing in national currencies.

The two sides also briefed each other on the conditions of opening of bank accounts for non-residents and payments and transfers, and agreed to continue to improve the conditions for opening and using accounts by non-residents and individuals in the banks of its sides.

The parties agreed that at the invitation of the Chinese Party National Bank of Kazakhstan will send a delegation to Shenzhen, Guangzhou and Hong Kong in October 2011 to study the successful experiences and formulate proposals for the integration of payment systems between China and Kazakhstan.

JSC "Kazpost" and Postal Savings Bank of China agreed the need to elaborate on the joint cooperation of the organization of money transfers between postal administrations of Kazakhstan and China, and also agreed to study the issue of cooperation in the development of electronic commerce between China and Kazakhstan.

An exchange of information on the prospects of cooperation between the International Centre for cross-border cooperation "Khorgos" was held. In this connection, the Parties requested the "Working Group between the central banks of the Parties to discuss issues related to cooperation in the International Centre for cross-border cooperation" Khorgos ", the interaction of the payment systems of the two countries, as well as the calculations in the national currencies of the Parties" to the end of the year to meet the International Centre for cross-border cooperation "Khorgos" to discuss problematic issues.

The sides agreed to strengthen cooperation in the use of bank cards and agreed to consider the possibility of increasing emissions and transactions on the cards with the active support of the marketing of the payment system China UnionPay.

[2011-07-25]