(Bloomberg) Turkish President Recep Tayyip Erdogan said his country signed a fresh $3.6 billion swap with China, taking the limit on currency arrangement to $6 billion.
The swap deal allows Turkey to boost trading under the local currency, eliminating the need to use dollars that will support the central bank’s reserves.
President Erdogan did not reveal when the agreement with China was signed.
Swap deals with China, which started in 2012, allows Turkish companies to pay for Chinese imports using the Yuan.
CNYTRY is down 0.52%.
