6/15/2009

Turkish Treasury eyes China’s reserves

Sabah – China’s recent search for a means of diversifying its foreign currency reserves, following its loss of confidence in the US dollar due to the global financial crisis, is attracting the interest of Turkey, as well as a number of other countries. In a bid to profit from this situation, Ankara has reportedly started to make efforts to enable Chinese investors to invest directly in Turkish bonds. According to sources close to the Treasury, Ankara is preparing an agreement aimed at establishing bilateral economic cooperation with China. In this regard, the draft agreement will include terms that will allow Turkish bonds to be issued to the Chinese market. In addition, the draft will also include steps to encourage Chinese businessmen to invest directly in Turkey.

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