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.
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