Published
06/03/2025, 21:10In Beijing, on the sidelines of the meeting of finance ministers and central bank governors of the Shanghai Cooperation Organization member states, a bilateral meeting was held between a Kyrgyz delegation, represented by Finance Minister Almaz Baketaev and National Bank of the Kyrgyz Republic Governor Melis Turgunbaev, and Chinese Finance Minister Lan Fuan.
The key topics of the talks were the development of payment infrastructure, reduction of transaction costs, and deepening bilateral financial cooperation, with an emphasis on the use of the Chinese currency in settlements.
The parties paid particular attention to the prospects of connecting Kyrgyz state banks to the CIPS (Cross-Border Interbank Payment System) international payment system developed by China as an alternative to SWIFT. This decision will open up the possibility of direct settlements in yuan, which will reduce transaction costs and decrease dependence on settlements through third currencies. In addition, it will create a stable channel for interaction between the financial institutions of the two countries.
Kyrgyzstan has expressed interest in consulting with Chinese authorities on regulatory and technical assessment issues, as well as in receiving assistance in opening correspondent accounts with authorized banks in the PRC. In addition, the republic is considering the possibility of establishing or acquiring a licensed payment organization in China.
Such a structure will not only facilitate settlements with Chinese companies and individuals, but also provide access to key Chinese payment systems, including CIPS, CNAPS, UnionPay, and others. This will expand the financial opportunities for Kyrgyz businesses in the Chinese market.
