China announces currency swap deal with Turkey (Feb 2012)

Renmimbi-Yuan

Source: CNA – China announces currency swap deal with Turkey

Notable Excerpts:

China’s central bank announced Tuesday that it had signed a 10 billion yuan (US$1.59 billion) currency swap deal with Turkey, in its latest effort to promote international use of the Chinese currency.

The PBOC has signed a series of similar swap agreements with various countries as part of an effort to promote international use of the Chinese currency.

China has in recent years signed agreements with New Zealand, South Korea, Malaysia, Belarus, Indonesia, Argentina, Iceland, Singapore and the southern Chinese territory of Hong Kong, which has its own currency.

Analysts say China is stepping up efforts to increase overseas use of the yuan partly to reduce the country’s exposure to the US dollar and allow its currency to take on a greater global role.”

Advertisements

One thought on “China announces currency swap deal with Turkey (Feb 2012)

  1. Pingback: ECB Agrees on Swap Line With PBOC as Trade Increases (Oct 2013) | livinginabubbleblog

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s