On May 6, 2026, during an official visit of a delegation from the Republic of Uzbekistan led by Prime Minister Abdulla Aripov to the Hong Kong Special Administrative Region, the National Bank for Foreign Economic Activity of Uzbekistan (NBU) and Bank of China signed an agreement to arrange syndicated financing in Chinese yuan worth 1 billion (equivalent to $145 million).
The signing took place on the sidelines of the first Uzbek-Chinese Economic Forum in Hong Kong, which brought together representatives of government agencies, financial institutions, and business circles from both countries. NBU became the first commercial bank in Uzbekistan to reach an agreement with Bank of China on structuring a credit line in Chinese yuan.
The agreements reflect high interest in using the Chinese yuan for cross-border financing and strengthen NBU's position in working with alternative sources of liquidity. For NBU, this means expanding funding sources in China's national currency and further developing financing instruments for investment and infrastructure projects.
NBU has been consistently expanding cooperation with Chinese financial institutions. To date, the total volume of credit lines in Chinese yuan attracted by the bank from partners in the People's Republic of China has exceeded 11.5 billion yuan (equivalent to $1.6 billion). This forms a solid foundation for expanding yuan operations and increasing the role of alternative currencies in project financing.
The signing comes amid deepening economic interaction between Uzbekistan and China. China remains Uzbekistan's largest trade and economic partner: in 2025, bilateral trade increased by 34% and exceeded $17 billion. The sides aim to further increase trade turnover to $20 billion in the near future, while investment cooperation shows steady dynamics with total Chinese investment in Uzbekistan's economy reaching $15.8 billion in 2025.
The agreement also aligns with the objectives of the State Investment Program for 2026, under which NBU is tasked with attracting financing from international financial institutions totaling the equivalent of $1.5 billion. In this context, cooperation with Bank of China is seen as a key tool for diversifying funding sources.
The signing of the agreement with Bank of China reflects a high level of trust from one of the world's largest financial institutions in the economic reforms being implemented under the leadership of Uzbekistan's President Shavkat Mirziyoyev. Additional confirmation of the stability of macroeconomic policy came in 2025 when international rating agencies Fitch Ratings and S&P Global Ratings raised the country's sovereign credit rating from "BB-" to "BB". NBU's credit rating was also raised to sovereign level, reflecting the bank's stable financial position and high level of trust from international investors.
For reference: The National Bank for Foreign Economic Activity of Uzbekistan was founded in 1991 and is the largest systemically important bank in the country. In 2025, the bank's assets exceeded $12 billion, the loan portfolio reached $9 billion, total capital exceeded $1.6 billion, and net profit amounted to $160 million, one of the highest figures in the republic's banking system.
Bank of China, founded in 1912, is one of China's oldest banks and a key participant in the international banking system. The bank operates as a state-owned commercial financial institution with a broad global network including over 500 branches in 60 countries. In 2025, the bank's assets amounted to $5.4 trillion, capital to $450.6 billion, and net profit to $36.2 billion.
Source: podrobno.uz