(MENAFN- Qatar News Agency) China and Turkey will renew a currency swap deal and expand its scale, according to a statement released by the Chinese central bank on Monday.
The scale of the three-year agreement will expand to 12 billion yuan (1.88 billion US dollars) and will be extendable by mutual consent, the People's Bank of China said in a statement, according to (Xinhua) news agency.
The move is aimed at enhancing financial cooperation and promoting bilateral trade and investment, as well as ensuring regional financial stability, the statement said.
The two countries signed a 10-billion-yuan currency swap agreement in 2012.
To promote the international use of the yuan, China has signed currency swap agreements with 32 countries and regions.
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