Turkey, China sign currency swap agreement

ANKARA (A.A) - February 21, 2012 - The Central Bank of the Republic of Turkey (CBRT) and People's Bank of China (PBC) signed a bilateral Currency Swap Agreement (CSA). A statement by the Turkish Central Bank said on Tuesday that a bilateral CSA had been signed between the Central Bank of the Republic of Turkey (CBRT) and the People's Bank of China (PBC) in a ceremony held in Ankara in presence of President of Turkey Abdullah Gul and Vice President of China Xi Jinping. "The bilateral CSA has been concluded in amount of 3 billion Turkish lira (10 billion Chinese yuan) and signed over Turkish lira and Chinese yuan. Tenor of the agreement will be for 3 years. Core objective of the CSA is to facilitate bilateral trade in respective local currencies of the two countries. The agreement can be extended upon mutual agreement," it said.