China, Turkey sign currency swap deal

Updated: 2012-02-22 09:33


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BEIJING - China's central bank said Tuesday that it has signed a 10-billion-yuan ($1.59 billion) currency swap agreement with the Central Bank of Turkey.

The three-year agreement will be extendable by mutual consent, the People's Bank of China said in a statement on its website.

The move is aimed at enhancing financial cooperation and promoting bilateral trade and investment, as well as ensuring regional financial stability, the statement said.

To promote the international use of the yuan, China has signed currency swap agreements with 15 countries and regions since the onset of the global financial crisis in late 2008.