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Erdogan: Turkey signs new $3.6bn currency swap deal with China

Turkish President Recep Tayyip Erdogan (L) and Chinese President Xi Jinping (R) shake hands during their meeting in Beijing, China on May 13, 2017 [Turkish Presidency / Yasin Bülbül / Anadolu Agency]
Turkish President Recep Tayyip Erdogan (L) and Chinese President Xi Jinping (R) shake hands during their meeting in Beijing, China on May 13, 2017 [Turkish Presidency/Yasin Bülbül/Anadolu Agency]

Turkey signed a new $3.6 billion swap agreement with China, increasing the limit on their existing currency arrangement to $6 billion, Turkish President Recep Tayyip Erdogan said yesterday according to Bloomberg.

In a statement during a press conference held at Ataturk Airport State Guest House before he departed for Brussels to attend the NATO Leaders' Summit, Erdogan said: "The foreign exchange reserves of the Central Bank reached the level of $100 billion."

Last month, China's leading technology company, Xiaomi, opened a factory in Turkey alongside supply giant Salcomp.

The firm announced its plan to open the factory with an investment of $30 million in February.

The trade volume between China and Turkey was around $24 billion as of 2020.

Thanks to Turkey's soaring export to China, the foreign trade deficit that favoured the latter decreased by 7seven per cent over the last five years.

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