BOC has recently launched Renminbi-Tenge (monetary unit of Kazakhstan) cash rate and listed trading in Xinjiang, and successfully conducted the first Tenge cash exchange business under the item of direct rate to take the lead in this area.
In order to satisfy diversified market demands of customers both in China and Kazakhstan, improve bilateral domestic currency settlement, advance the cross-border settlement of the Renminbi and the Tenge, and facilitate trade with and investment in Kazakhstan, BOC was the first to launch Renminbi-Tenge cash listed trading business in Xinjiang in June 2011.
Real-time and multi-prices-per-day Renminbi-Tenge cash listed trading launched by BOC Xinjiang Branch in Urumqi and it will better meet the need of close contact between residents in the two countries and improve financial services in business trading with Kazakhstan. Besides, the business will create favorable conditions for BOC to accumulate experience in launching the listed trading of currencies of other neighboring countries in Kashgar and Khorgos economic development zones in the future, to advance regional currency settlement and promote the circulation as well as settlement of the Renminbi in Central Asia and West Asia.
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