Turkey starts transactions with China under currency swap deal
Turkey’s first foreign transaction with local currency came right after efforts to rebalance the decreasing value of the Turkish lira against the US dollar by promoting the use of local currencies in foreign trade in order to reduce the costs of trading operations and the vulnerability of the foreign reserves.
Turkey and China had signed a 3-year currency swap deal worth 10-billion-yuan ($1.45 billion) first in 2012 to develop the financial relations, trade and investment between the two countries. The deal was later renewed on mutual consent so as to expand to 12 billion yuan ($1.74 billion) in 2015.
Recently, a similar currency swap deal was signed between Egypt and China to boost Cairo’s foreign reserves which have been under pressure for the last few years.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- PET sellers hunt for signs of market bottom in Europe
- India’s import PP, PE markets rebound in Jan after several months of declines
- Tight supplies keep Asian PVC markets bullish
- Crude oil market sentiment turns in favour of bulls
- Will European PVC take a breather from 9-month downtrend in February?
- Supply limitations bolster Feb PP and PE outlook in Turkey
- China’s import PP markets climb to 6-month highs prior to Lunar New Year
- Weak activities press import PE, PP suppliers for discounts in Egypt
- Price erosion continues inside Middle Eastern polyolefins markets
- European PP, PE markets open 2023 with renewed drops