Center for settlement of yuan planned in Astana

Kazakhstan and China are planning to launch an RMB clearance and settlement center in the Astana International Financial Centre by the end of this year, according to the center's governor Kairat Kelimbetov.

Kelimbetov said the AIFC is working closely with Shanghai Stock Exchange to finalize the plans as soon as possible, and get approval from Chinese financial authorities such as the People's Bank of China.

"China is internationalizing the RMB and we hope the AIFC can be a pilot to promote RMB settlement, especially in natural resources sectors," said Kelimbetov.