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China, Turkey expand currency swap scale

Xinhua, November 16, 2015 Adjust font size:

China and Turkey will renew a currency swap deal and expand its scale, according to a statement released by the Chinese central bank on Monday.

The scale of the three-year agreement will expand to 12 billion yuan (1.88 billion U.S. dollars) and will be extendable by mutual consent, the People's Bank of China said in a statement.

The move is aimed at enhancing financial cooperation and promoting bilateral trade and investment, as well as ensuring regional financial stability, the statement said.

The two countries signed a 10-billion-yuan currency swap agreement in 2012.

To promote the international use of the yuan, China has signed currency swap agreements with 32 countries and regions. Endite