China, Kazakhstan sign memorandum on RMB clearing in Kazakhstan

BEIJING -- China's central bank has signed a memorandum of cooperation with the central bank of Kazakhstan to establish renminbi (RMB) clearing arrangements in Kazakhstan.

These arrangements will help enterprises and financial institutions of the two countries conduct cross-border transactions using RMB, said a statement on the People's Bank of China website Tuesday.

It will also further facilitate bilateral trade and investment, said the bank.