The People's Bank of China, with State Council approval, has renewed a bilateral local-currency swap agreement with the Central Bank of Turkey and signed a cooperation memorandum to establish a renminbi clearing arrangement in Turkey. The renewed swap line is sized at CNY 35 billion (TRY 189 billion) and will run for three years, with the option to extend by mutual consent. The swap renewal and RMB clearing cooperation are intended to support enterprises and financial institutions in both countries in using local currencies for cross-border settlement, and to facilitate bilateral trade and investment.
Central Bank of the Republic of China 2025-06-13
People's Bank of China renews CNY 35bn TRY 189bn swap agreement with the Central Bank of Turkey and signs MoU on RMB clearing in Turkey
The People's Bank of China, with State Council approval, has renewed a bilateral local-currency swap agreement with the Central Bank of Turkey, valued at CNY 35 billion (TRY 189 billion) for three years. Additionally, a cooperation memorandum was signed to establish a renminbi clearing arrangement in Turkey. These initiatives aim to support cross-border settlement and facilitate bilateral trade and investment using local currencies.