China may make RMB convertible in Kyrgyzstan

China is discussing plans with the central bank of Kyrgyzstan to make the renminbi fully convertible in the Central Asian country, Reuters reported. A delegation from the Urumqi branch of the People’s Bank of China visited Kyrgyzstan last week, and suggested that the Chinese currency be made fully convertible to promote interbank transactions between the two countries. The renminbi’s continuing appreciation has allowed it to be used as a way of settling trade deals with other neighboring countries such as Vietnam and Mongolia.