Turkish companies start using yuan funding after Chinese swap deal: report

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Turkey’s central bank said Turkish companies last week used Chinese yuan funding for the first time under a swap agreement signed with the People’s Bank of China, the SeeNews website reported.

Turkish companies in various sectors had paid their bills for imports from China using Chinese yuan, the central bank said in a statement on Friday.

The swap agreement is expected to further strengthen the financial cooperation between Turkey and China and to enable commercial banks to expand their product range corresponding to international trade and finance activities, central bank noted.

The Turkish Central Bank and the People’s Bank of China signed the swap agreement last year.

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