2/22/2012

Turkey-China to boost trade, sign currency swap deal

Hurriyet - Turkey and China have signed a series of deals that are aimed to boost trade and deepen the strategic partnership between two of the world’s fastest growing economies. Among the agreements reached is a three-year currency swap deal between the central banks of Turkey and China to boost trade by using national currencies.


Signed during Chinese Vice President Xi Jinping’s visit to Ankara, the TRY 3 billion (approx. USD 1.60 billion - CNY 10 billion) swap deal is open to be extended on mutual consent after the three-year period. Six other deals in various fields were inked between Turkey and China during the Chinese leader’s visit at the invitation of Turkish President Abdullah Gul.

With a trade volume reaching USD 11 billion by 2011 figures, China is Turkey’s largest trade partner in the Far East. The two nations aim to raise their trade volume to USD 50 billion by 2015 and USD 100 billion by 2020. Many Chinese companies in partnership with Turkish companies are active in Turkey’s infrastructure, construction, mining and telecommunications sectors.

Turkey; turkish-chinese relations; turkish-chinese trade; turkey china swap deal; turkey china currency swap; xi jinping

ENGLISH