On May 29, 2023, during the visit of members of the delegation of the private join-stock bank “Trustbank” and the Commodity Exchange of the Republic of Uzbekistan to the People’s Republic of China, the Chairman of the Board of the private join-stock bank “Trustbank” S. Normukhamedov, Chairman of the Board of Commodity Exchange of the Republic of Uzbekistan Z.Badriddinov, Secretary of the Party Committee of China Zheshang Bank Lu Jianqiang signed a trilateral memorandum of understanding.
This Memorandum is aimed at strengthening the strategic partnership of Uzbekistan with China and will contribute to the prompt resolution of the issues raised by the country’s leadership on the organization of import of food products and material and technical resources in demand in Uzbekistan today.
The parties will closely cooperate on all issues related to the implementation of joint projects – the establishment of settlements in Chinese yuan, connection to the cross-border interbank payments system CIPS (Chinese International Payment System), active work in the field of trade finance, the creation of a mechanism for settlement transactions of clients of JSC "UzEx" through correspondent accounts of PSJB "Trustbank" in China Zheshang Bank, which It will allow the use of additional banking tools in optimizing the calculations of exchange trading and will serve as a solution to strategic tasks to increase the volume of foreign trade turnover between the Republic of Uzbekistan and China.
Triangular cooperation will allow for reconciliation in the Chinese yuan in the shortest possible time, reduce the cost of cross-border payments, will provide an opportunity to access short-term and medium-term financial resources in the Chinese renminbi at attractive interest rates, given the high volatility of the cost of financing in the international interbank borrowing market.
China Zheshang Bank is a national joint stock commercial bank located in the People’s Republic of China (Hangzhou). The Bank was officially launched on 18 August 2004. In the "1,000 World’s Best Banks in 2022", compiled by the British magazine The Banker Magazine, the bank ranked 79th in first-tier capital, and China Chengxin International ranked CZBank highest in AAA credit rating.
International ratings: S&P (Long-term Issuer Credit Rating – BBB, Short-term Issuer Credit Rating - A-3, Stable_), Moody's (Long-term Issuer Credit Rating - Baa3, Short-term Issuer Credit Rating - P-3, Stable) и China Chengxin International Credit Rating Co, Ltd - (AAA, Stable).
