The scale of financing in Chinese yuan in Kazakhstan surpasses the US dollar for the first time, driven by both lending costs and the internationalization of the yuan.

(1) Due to lower borrowing costs and Beijing's push for the internationalization of the RMB, the scale of RMB financing by Kazakhstani borrowers has, for the first time, surpassed that of USD financing. (2) Data shows that so far this year, the amount of RMB bonds issued by Kazakhstani borrowers has soared to the equivalent of 3.44 billion USD, significantly higher than the 456 million USD issued during the same period in 2025. (3) In contrast, during the same period, USD financing amounted to only 3.16 billion USD, indicating that RMB financing has clearly taken the lead.