Kazakhstan to Issue USD 2 Billion in Yuan Bonds
Photo: Elements.envato.com, ill purposes
On September 22, the Kazakhstan Stock Exchange (KASE) began allowing secondary market transactions in securities settled in Chinese yuan, Orda.kz reports.
Against this backdrop, reports emerged that Kazakhstan plans to issue yuan-denominated bonds totaling two billion dollars.
Bloomberg notes that Kazakhstan’s authorities aim to attract Chinese currency to finance growing trade with Beijing and strengthen investment cooperation.
While state-owned companies have previously issued panda bonds (yuan-denominated bonds traded in China’s domestic market by foreign issuers) and dim sum bonds (yuan-denominated bonds issued in Hong Kong), this will mark the country’s first issuance of sovereign yuan debt.
Economy Minister Serik Zhumangarin explained that the main reasons are to secure financing for export-oriented projects and to demonstrate Kazakhstan’s reliability as an investment partner. He added that projects agreed upon by President Toqayev during his recent trip to the SCO summit will also be financed in Chinese currency.
Organizations that have already issued or are planning to issue yuan-denominated bonds include KazMunayGas, the Development Bank of Kazakhstan, and the Samruq-Qazyna Fund.
Trading of yuan-settled securities on KASE first began in March.
Original Author: Nikita Drobny
Latest news
- Kazakhstan Refuses To Ease Access To Hazardous Work Payments
- Almaty Metro To Replace Korean-Controlled System After Technical Failures
- Fewer Kazakhstanis Work Outside Their Home Regions
- Safety Violations Cited As Possible Cause Of Kazzinc Plant Explosion
- Tenge Weakens Five Percent In May As National Bank Reports No Interventions
- New Direct Flights From Kazakhstan To Warsaw, Izmir, And Larnaca
- Kazakhstan Clarifies Position On Possible Iranian Uranium Storage
- EU Politicians Eye Kazakhstan And Uzbekistan As Possible Sites For Migrant Return Centers
- Kazakhstanis Are Leaving The Regions For Megacities
- Kazakhstan Could Store Iranian Uranium If US-Iran Nuclear Deal Is Reached
- Kazakhstan’s EV Boom Is Here. Is The Grid Ready?
- Cyprus President To Make First Official Visit To Kazakhstan
- Kazakh Investors May Gain Remote Access To Armenian Stock Market
- Call Center In Ukraine Scammed Kazakhstanis By Posing As Banks And Police
- Kazakhstan Marks Day Of Remembrance For Victims Of Political Repression And Famine
- Kazakhstan Considers Molecular Markers To Track Fuel Supply Chains
- Tengiz Oil Production Gradually Restored After Operational Failure
- Tokayev Meets Cuban Vice President To Discuss AI And Medicine
- Karaganda Zoo Shows Newborn Amur Tiger Cubs For The First Time
- Putin and Tokayev Consolidate New Format of Relations, Political Analyst Says
