China, Turkey renew 12 bln yuan bilateral currency swap deal

BEIJING/ANKARA

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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 of China (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 currency, China has signed currency swap agreements with 32 countries and regions, according to China’s news agency Xinhua.