BAKU, Azerbaijan, September 14. Standard
Chartered has arranged a 770 million yuan (about $114.8 million)
syndicated loan for Uzbekistan’s Asakabank, supporting clients
importing goods from China and facilitating growing trade and
investment flows between Uzbekistan and China.


This was reflected in the press release by Standard
Chartered.


The transaction marks Asakabank’s first yuan-denominated
syndicated loan and is Standard Chartered’s third transaction with
the Uzbekistan-based bank. Standard Chartered acted as the Sole
Mandated Lead Arranger, with the proceeds to be used by Asakabank
to finance clients involved in imports of Chinese goods.


The deal was announced in London on September 11 and comes as
the yuan plays a growing role in Uzbekistan-China trade and
cross-border financing. The transaction is also part of a broader
cooperation between the two banks focused on yuan-denominated
business and opportunities along the China-Central Asia trade
corridor.


"Trade ties between Uzbekistan and China continue to strengthen,
driving growing demand for RMB-denominated financing solutions,"
said Amin Semmari, CFO of Asakabank. "This transaction reflects the
strong commitment of both Asakabank and Standard Chartered to
supporting these flows and facilitating cross-border business."


As part of the expanded cooperation, Standard Chartered and
Asakabank recently signed a memorandum of understanding at the 11th
Belt and Road Summit in Hong Kong, held September 9-10. The
agreement covers cooperation in yuan-related business and
trade-corridor opportunities and complements Asakabank’s plans to
open a yuan account with Standard Chartered in Hong Kong.







Lucy Rahal, executive director for Public Sector Coverage at
Standard Chartered, said the transaction reflects the "growing role
of RMB in facilitating trade and investment flows between
Uzbekistan and China." She added that demand for yuan-based
solutions is increasing alongside commercial links between China
and Central Asia.


Trend’s
calculations show that the 770 million yuan facility is equivalent
to roughly $108 million at current exchange rates. More
importantly, the financing is specifically linked to imports from
China, making it a direct mechanism for supporting bilateral trade
rather than general-purpose bank funding.


In Trend’s
assessment, the transaction highlights the growing use of the yuan
in Uzbekistan’s external economic relations. For Uzbek banks and
companies trading with China, yuan-denominated financing can reduce
the need to convert between multiple currencies and provide a
closer match between financing and underlying trade flows.


Furthermore, Trend’s analysis shows that the deal also has
significance beyond Asakabank’s immediate financing needs. The
planned yuan account in Hong Kong and the new MoU could create a
broader financial channel connecting Uzbek companies with Chinese
suppliers and investors. As China remains one of Uzbekistan’s
largest trading partners, the expansion of RMB financing
infrastructure could support deeper bilateral trade while gradually
diversifying the currencies used in Uzbekistan’s international
transactions.