Abstract: Since the Kazakhstani tenge has been issued,the internal value of tenge is relative stable,however,its external value is unstable.The reason is the control of inflation by the Kazakhstan’s central bank is strong.However,under the policy of the increasing of economy by improvement of exports and imports industry through depreciation. The Kazakhstan’s central bank made official devaluation for many times by using the fixed exchange rate system. While the implementation of floating exchange rate system intensified the rapid fluctuation of the tenge’s external value.The appreciation of tenge is restricted by the decreasing of the growth rate of Kazakhstan’s economy,the reduction of favorable balance of trade,the decline of international reserves and the increasing of foreign debt scale. Russian crisis,the fall in oil prices and the appreciation of US dollar increased the external motivation of the depreciation of tenge.The implementation of floating exchange rate system enhanced the difficult of maintaining the stable of tenge.The currency risk of the tenge has became to a problem.China is one of the Kazakhatan’s most important trade and investment partners.The uncertainty of tenge’s exchange rate will influence the economic profits of China’s relevant principals.Therefore,the construction of protection system of tenge’s insecurity and risk is imperative.

Key words: Kazakhstan, Currency Security, Exchange-rate System