Using yuan to remove the obstacles for using local currencies in bilateral trade
Turkish telecommunications company Türk Telekom took the first step to trade in local currencies through a new mechanism provided by Turkey and China’s new swap agreement on June 19, Hürriyet Daily News reported.
The telco used Chinese yuan for import payments after the swap agreement, which removed the obstacles for using local currencies in bilateral trade instead of a third country’s currencies, the company announced in a press release.
TCB’s swap agreement with China started
Earlier, the Turkish Central Bank announced that the first usage of the Chinese yuan funding under the swap agreement signed with China was realized on June 18.
According to the bank, Turkish companies in several industries paid their import bills from China using yuan through relevant banks.
Would you like to support TR Technews?
I’m running Turkishtechnews.com, a website on tech developments from Turkey. I will be covering subjects ranging from startups to gadgets, digital economy to social media. I’m keen on new technologies as well. On top of those, I’m interested in drama and cinema, with one short and one long film script and three plays. Holding a B.A degree in English Language and Literature, I’m a tech journalist with 15 years of experience.
The reason why I’m here is to produce good quality journalism and try to remain independent as much as possible. Currently, journalism is torn between vague relationships between brands and journalists, not only in Turkey but also globally. Under such circumstances to remain independent is crucial and I need your support to do so.