Türk Telekom to use Yuan for trade with China

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. 

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