June 22 (SeeNews) - Turkey's central bank said that Turkish companies last week used Chinese yuan funding for the first time under a swap agreement signed with the People’s Bank of China.
Turkish companies in various sectors paid their bills for imports from China using Chinese yuan through relevant banks, the central bank, CBRT, said in a statement on Friday.
The swap agreement is expected to further strengthen the financial cooperation between Turkey and China and to enable commercial banks to expand their product range corresponding to international trade and finance activities, CBRT noted.
CBRT and the People’s Bank of China signed the swap agreement last year.