Central Banking

Turkey agrees currency swap with China

Two men hand shaking with blue skies in the background

The Turkish and Chinese central banks on February 21 signed a bilateral currency swap arrangement.

The president of the Central Bank of the Republic of Turkey, Abdullah Gül, and Xi Jinping, vice-president of the People's Bank of China, attended a ceremony in Ankara, Turkey to formalise the agreement.

The swap value was 3 billion lira or 10 billion yuan ($1.7 billion) and the tenure of the agreement is three years.

The core objective of the currency swap was "to facilitate bilateral trade in

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