China's PBOC renews bilateral currency swap pact with Turkiye's CBRT
China's central bank recently renewed a bilateral currency swap agreement with its Turkish counterpart.
The value of this three-year agreement is 35 billion yuan ($4.88 billion), or 189 billion Turkish lira, the People's Bank of China (PBOC) said in a statement.
The agreement was signed by the Central Bank of the Republic of Turkiye (CBRT) governor Fatih Karahan and PBOC governor Pan Gongsheng, said a CBRT statement.
China's central bank (PBOC) has renewed a bilateral currency swap agreement with its Turkish counterpart. The value of this three-year agreement is 35 billion yuan ($4.88 billion, 189 billion Turkish lira), PBOC said. The agreement, first signed in 2019 and expanded in 2021, can be renewed upon mutual consent. The two sides also signed an MoU to set up a yuan clearing arrangement in Turkiye.
The agreement, first signed in 2019 and expanded in 2021, can be renewed upon mutual consent.
Currency swap lines are used by central banks to facilitate bilateral trade, enhance financial cooperation and provide liquidity support in local currencies.
The two sides also signed a memorandum of understanding to set up a yuan clearing arrangement in Turkiye.
These arrangements are expected to facilitate the use of local currencies by enterprises and financial institutions on both sides for cross-border settlements, a state-controlled Chinese media outlet reported citing the PBOC statement.
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