Azerbaijan's Central Bank is going to invest $500 million in Chinese bonds, said Avtandil Babayev, deputy chairman of the bank.

The Central Bank has already reached agreements with the Chinese authorities on entry to the market, Babayev told reporters in Baku.

An additional $500 million will be invested in bonds in other Asian markets, he said, adding that talks are ongoing to hire foreign managers.

The Central Bank plans to buy $1.5 billion last year as part of a manat sterilization plan, he said.