The People’s Bank of China (PBOC), the country’s central bank, has renewed a bilateral currency swap agreement with the Central Bank of the Republic of Türkiye.
The total value of this agreement is 35 billion yuan (about 4.88 billion U.S. dollars), or 189 billion Turkish lira, the PBOC said in a statement on its website on Friday.
The agreement is valid for three years and can be renewed upon mutual consent, according to the statement.
Meanwhile, the two sides have also signed a memorandum of understanding to establish a yuan clearing arrangement in Türkiye.
These arrangements mark a new stage in China-Türkiye financial cooperation and are expected to facilitate the use of local currencies by enterprises and financial institutions of both countries for cross-border settlements, further promoting and facilitating bilateral trade and investment, the statement said.
China renews bilateral currency swap agreement with Türkiye
The Palestinian death toll in the Gaza Strip has risen to 55,207, with 127,821 others injured, since the conflict between Hamas and Israel began on October 7, 2023, according to Gaza’s health authorities on Thursday.
Over the past 24 hours, Israeli attacks have claimed 103 Palestinian lives and injured 427 others, according to the report.
Palestinian death toll in Gaza rises to 55,207