China and Kazakhstan Set Up Offshore Yuan Clearing

China’s central bank signed a cooperation memorandum with the central bank of the Republic of Kazakhstan to establish Chinese yuan clearing arrangements in the Central Asia country, the People’s Bank of China said Tuesday.

The move will benefit enterprises and financial institutions in China and Kazakhstan, allowing them to use yuan for cross-border transactions and further promoting bilateral trade and investment, the People's Bank of China (PBOC) said in a statement.