The National Bank of Georgia signed an agreement with Bank of China at the second Tbilisi Financial Summit to support expansion of its investment activity in China’s bond market. Bank of China will provide the core services required for operations in the China Interbank Bond Market (CIBM). The agreement comes after the central bank reported a gradual increase in the yuan’s share of its international reserves and continued investment in yuan denominated assets in China’s capital market. Held on Oct. 27-28, the summit brought together about 1,000 representatives from nearly 60 countries and focused on regional financial corridors. Discussions addressed payment system interoperability, cross-border payments and stronger regional financial links. A separate memorandum signed by Tbilisi State University, Pave Bank and the Singapore based Global Finance & Technology Network provides for a fintech scholarship and exchange program between Georgia and Singapore, enabling Georgian students to study at Singapore Management University. An accompanying meeting with the Astana International Financial Centre addressed broader mutual access to capital markets and investment between Georgia and Kazakhstan.
National Bank of Georgia signs Chinese bond market services agreement at Tbilisi Financial Summit
The National Bank of Georgia signed a Bank of China services agreement at the Tbilisi Financial Summit to support expanded investment in China’s bond market. The central bank had previously reported a growing yuan share in its reserves and continued investment in yuan denominated assets. A separate summit agreement provides for a fintech scholarship and exchange program enabling Georgian students to study in Singapore.