China, Turkey Sign Currency Swap Deal
2012-02-21 18:12:10
People's Bank of China and the Central Bank of the Republic of Turkey on Tuesday signed a three-year currency swap deal worth CNY 10 billion or TRY 3 billion.
The agreement intends to improve bilateral trade in respective local currencies of the two countries, the central banks said in a joint statement. After the completion of three years, the deal can be extended upon mutual agreement.
Early this month, China's central bank entered into an agreement with Malaysia's central bank to renew and increase the currency swap arrangement to CNY 180 billion.