Yuan will help us?
Experts say: the devaluation of the Chinese national currency isn't harmful for Kazakhstani economy
The last devaluation of the Chinese currency will not bring serious consequences for the economy of Kazakhstan. This was announced today at a briefing in the Service of Central Communications by the leading researcher of the JSC "Economic Research Institute" Madiyar Kenzhebulat.
"In fact, impairment in the short-term will have no impact, because if you take, for example, since the beginning of 2014, KZT has fallen almost 20% against the yuan, so 2-3%, which devalued yuan, basically, in the short term will have no affect", - he said at the Institute of Economic Research.
On the other hand, the expert said, the IMF welcomed the devaluation, carried out by the authorities of the PRC, noting that this measure will provide market-based pricing of the yuan. According to Madiyar Kenzhebulat, in turn, there are prospects of creating an opportunity for yuan to enter in the medium term in SDR basket – it is an artificial and backup payment instrument, issued by the International Monetary Fund. SDR is used to regulate the balance of payments for the balance of payments, replenishment of reserve calculations on IMF loans.
"If yuan will get to the SDR basket, then the National Bank of Kazakhstan has an opportunity to diversify their foreign exchange reserves, to continue to deepen and to expand the trade", - said Kenzhebulat. In addition, the representative of the Institute for Economic Research said that China is the second largest trade partner of Kazakhstan. "The relative competitive advantage of China will increase economic growth in Kazakhstan, that is not to drop so much", - said the expert.
"China is a major consumer of commodities in the world, it will allow these commodities rise in price, and it can also benevolently affect Kazakhstan in the medium term", - stated Madiyar Kenzhebulat.
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