Kazakhstan’s BTA Bank has opened a Renminbi (Rmb) account with the Industrial and Commercial Bank of China (ICBC) to allow Kazakh and Chinese customers to trade in tenge or Rmb directly.

Askhat Beisenbayev, first deputy chairman of the management board of BTA Bank explains that the partnership will give BTA customers an essential advantage in international business in China.

Zhang Chunlei, chairman of the board of directors of ICBC adds: “Entering into the agreement today is an important event both for our banks and for everyone interested in stronger economic relationships between our countries. Closer relationships between Kazakh and Chinese businessmen will encourage the growth of production of goods and services in both our countries and bring benefit to our peoples.”