China and Turkey Agree to an Additional $3.6 Billion Currency Exchange

Turkish President Erdogan has confirmed that his country has signed an additional $3.6 billion currency exchange with China.

Source: Bloomberg

CNYTRY is down 0.03%

The deal raised the current currency exchange between the two nations to $6 billion.

The arrangement will enhance China’s trade in its local currency, eliminating use of dollars and thus support the central bank’s reserve.

Mr. Erdogan failed to provide the date the agreement was signed.

In 2012 the two countries entered into an exchange deal allowing Turkish firms to use yuan in paying for imports from China.