The U.S. - Azerbaijan Chamber of Commerce said Wednesday the Central Bank of Azerbaijan (CBA) will invest $500 million in the Chinese financial market.
CBA Deputy Chairman Aftandil Babayev said the bank has met special requirements set by the Central Bank of China and thus gained its approval to invest with their currency market.
"We have received a positive response from China. We have the right to participate in the market. After that, we will examine the quality of securities. We will obtain the security that is acceptable for us," Babayev said.
The $500 million is to purchase securities in China. There are discussions in other Asian markets as well. The CBA hopes that it can purchase another $500 million in securities in other Asian currency markets.
In purchasing securities from China and other potential countries in Asia, the bank will solidify its financial standing and create stability in their own market.