China Turkey renew 12 bln yuan bilateral currency swap deal
Date
11/16/2015 7:59:43 AM
(MENAFN- The Journal Of Turkish Weekly) China and Turkey will renew a currency swap deal and expand its scale according to a statement released by the Chinese central bank on Nov. 16 as reported by Reuters.
The scale of the three-year agreement will expand to 12 billion yuan ($1.88 billion) based on the mutual consent the People’s Bank ofChina(PBOC) said in a statement.
The move is aimed at enhancing financial cooperation and promoting bilateral trade and investment as well as enhancing financial stability said the statement.
The two countries signed a 10-billion-yuan currency swap agreement in 2012.
In a bid to promote the yuan also known as the renminbi as an international currencyChinahas signed currency swap agreements with 32 countries and regions according to China’s news agency Xinhua.
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