The growing use of the Chinese yuan in international settlements has become one of the key trends in the global financial system. In Central Asia — particularly in Kazakhstan — this process is gaining strategic importance, reinforcing the country’s position as a major financial hub of Eurasia, reports Kazinform.
According to the Bank for International Settlements, the yuan’s share in the global currency market has reached 8.5%, with a daily turnover exceeding $817 billion, placing it among the world’s top five traded currencies. The International Monetary Fund notes that the US dollar’s share in developing countries’ reserves has fallen to 58%, the lowest in two decades — a sign of accelerating de-dollarization, writes Xinhua.
Central Asia has become a key area for promoting the yuan. In 2022, the People’s Bank of China and the National Bank of Kazakhstan signed a memorandum on yuan settlements, and the ICBC branch in Almaty was granted the status of a clearing bank. Kazakhstan thus became the first country in the region officially connected to the yuan clearing system.
The yuan is also making inroads into the digital economy. Kazakhstan’s Alem Market platform carried out the first cross-border transaction through the CIPS interbank payment system, completing the operation in just 10 minutes — several times faster than traditional dollar transfers. This demonstrates the yuan’s growing role not only in trade but also in e-commerce and fintech.
Experts link the yuan’s increasing importance in Central Asia with the Belt and Road Initiative (BRI). As energy, transport, and investment cooperation deepen, settlements in yuan help reduce currency risks and strengthen the region’s financial resilience.
CentralasianLIGHT.org
October 30, 2025