13.04.2009, 15:13 2771

Kazakhstan can use Yuan as reserve currency

Kazakhstan can use Yuan as reserve currency

Astana. April, 13. Kazakhstan Today - The Minister of Finance of Kazakhstan, Bolat Zhamishev, stated in Majilis of Parliament of Kazakhstan, answering the questions of journalists, Kazakhstan can use Yuan as a reserve currency, the agency reports.

"Kazakhstan can use Yuan as a reserve currency, but Yuan needs to become a convertible currency," B. Zhamishev said.

"It is connected with the Yuan position in the world market, but not with the position of Kazakhstan," the Minister said.

As informed earlier, in February the Central Bank of China officially declared and started to realize in practice transition to Yuan for payment purposes with the Asian countries. "Kazakhstan and Russia are negotiating on introduction of a reserve currency - ruble," the newspaper Liter writes.

The Prime Minister of the State Council of the Peoples Republic of China, Wen Jiabao, during the press conference on the results of the 2nd session of Chinese Assembly of National Representatives of the 11th convocation on March, 13th, declared that China refused devaluation of Yuan.

"The requirement to devaluate Yuan does not meet the reality," Wen Jiabao said, having added that after the beginning of the reform of the system of exchange rate of Yuan in in China in July, 2005, the rate of Yuan in relation to the US dollar has already gone up by 21 %.

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