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Turkey and China Boost Currency Swap Arrangement With $3.6 Billion Deal

June 14, 2021 by Forex Winner Leave a Comment

Turkey and China Boost Currency Swap Arrangement With $3.6 Billion Deal

Source: Bloomberg

Turkish President Recep Tayyip Erdogan over the weekend said the country inked a new $3.6 billion swap deal with China.

  • The agreement will raise the cap on the current arrangement to $6 billion.
  • The deal will enable Turkey to enhance trading relations with China in local currency and support central bank reserves by shying away from the dollar.
  • Erdogan did not provide a timetable for the latest agreement.
  • The President made the announcement in Istanbul ahead of a North Atlantic Treaty Organization summit in Brussels.
  • The first swap deal between the two countries was inked in 2012 to allow Turkish firms to pay for imports using the yuan.

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