China, Turkey renew 12 billion yuan bilateral currency swap deal
The People's Bank of China and the Turkish Central Bank renewed a currency swap deal and expanded its scope. This was said in a statement released by the Central Bank of China on Monday. The scale of three-year agreement has been increased from previous 10 billion yuan/3 billion Turkish liras to 12 billion yuan/5 billion Turkish liras. The extension of currency swap agreement is aimed at encouraging financial cooperation and promotion of bilateral trade and mutual investments between China and Turkey.