Translation. Region: Russian Federal
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
BEIJING, July 3 (Xinhua) — The Industrial and Commercial Bank of China’s branch in Turkey has acquired the status of a clearing bank for yuan settlements, the People’s Bank of China (PBOC) said.
The regulator noted that this decision was made in accordance with the memorandum of understanding signed by the central banks of both countries.
Earlier, on June 13, the PBOC announced that the two banks had signed a memorandum of understanding to establish a clearing mechanism for yuan settlements in Turkey. Such a mechanism will facilitate the use of national currencies for cross-border settlements between enterprises and financial institutions in both countries, and will also further facilitate bilateral trade and investment procedures.
On the same day, the PBOC announced the extension of a bilateral currency swap agreement with the Central Bank of Turkey. The total amount of funds in it reached 35 billion yuan (approximately 4.88 billion US dollars), or 189 billion Turkish lira.
According to official data, China is currently Turkey’s largest trading partner in Asia and the third largest in the world. -0-