Tashkent, Uzbekistan (UzDaily.com) -- On 29 May, in the city of Hangzhou (China), a Memorandum of Understanding was signed between the Uzbekistan Commodity Exchange JSC, Trustbank PJSB and China Zheshang Bank JSC.

This Memorandum will serve to increase the volume of foreign trade turnover between Uzbekistan and China by optimizing mutual settlements of exchange trade using additional banking instruments. In particular, it is possible to quickly purchase food products and material and technical resources that are in demand in Uzbekistan through open exchange auctions.

To this end, the parties will closely cooperate on the implementation of joint projects, the establishment of settlements in Chinese yuan, connection to the system of cross-border interbank payments CIPS (Chinese International Payment System) and financing of exchange trade.

As noted at the event, the electronic trading systems of the exchange ensure the transparency of foreign trade operations and mutual settlements, as well as guarantee payment and delivery of goods.

China Zheshang Bank is a national joint-stock commercial bank located in the People’s Republic of China (Hangzhou). The bank officially began its activity on 18 August 2004. In The Banker Magazine’s "World’s 1000 Best Banks 2022" ranking, the bank was ranked 79th in terms of Tier 1 capital, and China Chengxin International assigned CZBank the highest AAA credit rating.