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Kyrgyzstan: Kyrgyz citizens embrace Chinese yuan as hedge against economic uncertainty

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Bishkek, Kyrgyzstan - Recent An increasing number of Kyrgyz citizens are opting to hold their savings in Chinese yuan, a currency that is gaining recognition for its stability. Earlier this year, the National Bank of Kyrgyzstan has included the Chinese yuan in the list of currencies whose official exchange rate is published daily, reflecting its growing role in the country's financial ecosystem. Jumakan Toktogulova, a long-time resident and saver, has shifted her savings strategy in light of the recent economic changes. In the past, she preferred to save in U.S. dollars, confident in its stability. However, considering the political situation in the world, she realized the importance of diversification and now follows the rule of "not putting all eggs in one basket." Experts suggest that the trend toward yuan deposits is part of a broader movement to diversify savings in a country where a low savings culture persists. To address some of the gaps in this area and explain to people what investments, deposits, and stocks are, a large-scale campaign was conducted in Kyrgyzstan for World Savings Day on Oct 31. More than a hundred training sessions, lectures, interactive games, and a financial fair took place across the country. Shotlist: Bishkek, Kyrgyzstan - Recent: 1. Pedestrians; 2. Various of boards showing exchange rates; 3. Various of people in bank; 4. Pedestrians; 5. Various of local resident Djumakan Toktogulova in bank, bank clerk working; 6. SOUNDBITE (Russian) Djumakan Toktogulova, Bishkek resident: "I keep part of my savings in gold. As for currency, I now make deposits in different banks and in different currencies. Recently, I have been keeping part of my money in yuan, since China's economy is considered one of the most stable in the world. In addition, economists I know assured me that this is the right decision in the long term."; 7. Various of residents in bank; 8. Various of Kemel Meken, doctor of political economy, giving lecture; listeners; 9. SOUNDBITE (Russian) Kemel Meken, doctor of political economy (ending with shot 10): "Our parents had a very difficult past. They experienced the collapse of the Soviet Union, the tumultuous 1990s, and the 1998 debt default. Naturally, this fear of money and values through practice and their experiences has only deepened. Schools lack subjects like personal finance management or financial literacy - this is one of the most undervalued skills and knowledge."; 10. Various of Kemel Meken giving lecture; listeners; 11. SOUNDBITE (Russian) Kubanych Musuraliyev, head, financial literacy group, National Bank of Kyrgyzstan: "Since around 2015, when we started to hold events for World Savings Day, individual deposits in the banking system have grown from approximately 47 billion soms to 188 billion soms today, representing a fourfold increase. It suggests that the culture of saving in Kyrgyzstan has improved."; 12. Various of pedestrians. [Restriction - No access Chinese mainland]

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