吉尔吉斯斯坦计划明年首发人民币计价债券，中亚增长最快的经济体正持续扩张其银行体系，并巩固其作为古丝绸之路上区域交通枢纽的地位。
Kyrgyzstan plans to debut a yuan-denominated bond next year as Central Asia’s fastest growing economy continues to expand its banking system and build on its status as a regional transport hub on the former Silk Road.
据该国国家银行主席阿尔马兹·巴凯塔耶夫透露，去年实现11%增长的吉尔吉斯斯坦，今年通过首次欧元债发行筹集了7亿美元，已准备好开拓新的国际市场。他曾担任四年财政部长，负责推动首次债券发行。
The country, which recorded 11% growth last year, raised $700 million with its first eurobond sale in 2025 and is ready to tap new international markets, according to Almaz Baketaev, chairman of the republic’s National Bank. He previously served as finance minister for four years and was responsible for the debut bond sale.
“我们尝试了西方市场，现在可能是时候向东看了，”巴凯塔耶夫在比什凯克接受采访时表示。“在那里发债成本也可能更低。”他透露，政府正与顾问奥本海默公司合作，拟于明年在香港或上海交易所达成交易。比什凯克财政部未立即回复置评请求。
“We tried the western market, and now it is probably time to look east,” Baketaev said in an interview in Bishkek. “A bond there would likely be cheaper as well.”The government is working with its adviser Oppenheimer & Co. Inc. on a deal either on the Hong Kong or Shanghai exchange that may take place next year, he said. The Finance Ministry in Bishkek didn’t immediately respond to a request for comment.
根据国际货币基金组织数据，这个拥有740万人口、夹在中国和哈萨克斯坦之间的前苏联加盟共和国，已成为本十年来全球增长最快的经济体之一。以美元计价的国内生产总值自2020年以来已近乎翻三倍，预计到2030年将再近乎翻一倍。
Kyrgyzstan, a former Soviet republic of 7.4 million people squeezed between China and Kazakhstan, has emerged as one of the world’s fastest-growing economies this decade, according to the International Monetary Fund. Gross domestic product has nearly tripled in dollar terms since 2020 and is expected to almost double by 2030.
吉尔吉斯斯坦的独特之处在于，其经济成功并非由大宗商品繁荣驱动。相反，快速增长得益于贸易和建筑业扩张、政府支出增加，以及汇款和资本流入。
What sets Kyrgyzstan apart is that its economic success hasn’t been driven by a commodities boom. Instead, the rapid growth has been fueled by expanding trade and construction, higher government spending, and inflows of remittances and capital.
当然也存在压力：通胀居高不下，迫使央行收紧政策，将关键利率维持在12%。
There have also been strains: inflation remains high, prompting the central bank to tighten policy and keep its key interest rate at 12%.
尽管如此，吉尔吉斯斯坦银行业正蓬勃发展。巴凯塔耶夫表示，该行业资产去年激增50%，从94亿美元增至140亿美元，今年前八个月进一步增长24.2%。贷款约占总资产的42%。
Yet Kyrgyzstan’s banking industry is booming. The sector’s assets rose 50% last year to $14 billion from $9.4 billion and grew by a further 24.2% in the first eight months of this year, Baketaev said. Loans account for about 42% of total assets.
政府利用首次债券发行的募集资金为Eldik Bank OJSC（吉尔吉斯斯坦最大的贷款机构）注资。
The government used proceeds from its debut bond sale to capitalize Eldik Bank OJSC, Kyrgyzstan’s largest lender.
据巴凯塔耶夫称，对金融行业的支持尤为重要，因为吉尔吉斯斯坦经济仍以服务业为主导，贸易和物流是核心，而这些部门需要资金支持。
The support for the financial industry is especially important because Kyrgyzstan’s economy remains service-oriented, with trade and logistics at its core, and those sectors need funding, according to Baketaev.
历史上，吉尔吉斯斯坦一直是货物从中国运往哈萨克斯坦、俄罗斯及该地区其他国家的过境枢纽，政府意在强化这一角色。该国目前正在能源项目（包括可再生能源）和交通网络上大力投资。
Kyrgyzstan has served historically as a transit hub for goods moving from China to Kazakhstan, Russia and other countries in the region, a role the government intends to strengthen. The nation is now investing heavily in energy projects including renewables and transport networks.
例如，中吉乌铁路是比什凯克最大的基础设施项目之一。它将补充现有的对华公路通道，以及一条正在建设中的第三条路线。
The China-Kyrgyzstan-Uzbekistan railway is one of Bishkek’s biggest infrastructure projects, for example. It will complement existing road links with China as well as a third route under construction.
巴凯塔耶夫表示，这条新铁路可能强化吉尔吉斯斯坦在现代丝绸之路贸易走廊中的作用。
The new railway could strengthen Kyrgyzstan’s role along a modern Silk Road trade corridor, Baketaev said.
据巴凯塔耶夫称，以人民币融资对吉尔吉斯斯坦而言合情合理，因为人民币在其经济中的作用日益增强，反映了两国广泛的贸易联系。去年，中国是吉尔吉斯斯坦最大的外国直接投资来源国，占总流入额的近一半。
Raising funds in the Chinese currency makes sense for Kyrgyzstan as the yuan plays a growing role in its economy, reflecting extensive trade ties between the two countries, according to Baketaev. China was Kyrgyzstan’s largest source of foreign direct investment last year, accounting for almost half of total inflows.
巴凯塔耶夫说，吉尔吉斯斯坦的国际储备中持有人民币，且其占比近年来显著上升。此举是分散储备资产更广泛努力的一部分，目前约75%的储备以黄金形式持有，总计超过47吨（151万金衡盎司）。
Kyrgyzstan holds yuan in its international reserves, and its share has increased significantly in recent years, Baketaev said. The move is part of a broader effort to diversify those reserves, about 75% of which are currently held in gold, totaling more than 47 tons (1.51 million troy ounces).
吉尔吉斯斯坦每年生产约26吨黄金，并购买部分用于储备。央行行长表示，央行也在考虑投资美国国债。
Kyrgyzstan produces about 26 tons of the yellow metal per year and buys some for its reserves. The central bank is also considering investment into US Treasuries, the chairman said.
吉尔吉斯斯坦是莫斯科主导的欧亚经济联盟成员，其与俄罗斯及受制裁的俄罗斯经济的紧密关系，常被国际投资者视为额外的风险来源。
Kyrgyzstan is a member of the Moscow-led Eurasian Economic Union and its close ties to Russia and its sanctioned economy are often seen by international investors as an additional source of risk.
俄罗斯和吉尔吉斯斯坦是合作伙伴，“你不能就这样把我们彼此切断”，巴克塔耶夫说。他说，双方在文化上有着深厚联系，且有大量吉尔吉斯劳工在俄罗斯工作，同时该共和国也严重依赖俄罗斯的燃料、粮食和其他商品。
Russia and Kyrgyzstan are partners, and “you can’t just disconnect us from each other,” Baketaev said. They’re deeply linked culturally and through the large number of Kyrgyz migrants working in Russia, while the republic is also heavily dependent on Russian fuel, grain and other goods, he said.
巴克塔耶夫说，对俄罗斯的制裁“给吉尔吉斯斯坦带来了额外的资金流和动力，跨境流动加剧了”。他说，吉尔吉斯当局遵守国际法规，包括监控两用物品贸易。
Sanctions against Russia “gave Kyrgyzstan additional flows and momentum, and cross-border movements intensified,” Baketaev said. Kyrgyz authorities comply with international regulations including monitoring trade in dual-use goods, he said.
无论如何，根据央行主席的说法，俄罗斯并非吉尔吉斯斯坦经济成功故事的关键驱动力。
In any case, Russia’s not the key driver of Kyrgyzstan’s economic success story, according to the central bank chairman.
“我们的增长有着根本性的、而非暂时性的基础”，巴克塔耶夫说。
“Our growth has a fundamental, rather than a temporary foundation,” Baketaev said.