OREANDA-NEWS. March 05, 2012. Authorized by the State Council, the People’s Bank of China signed with the Central Bank of the Republic of Turkey a bilateral local currency swap agreement in Ankara, for the purpose of promoting bilateral financial cooperation, facilitating bilateral trade and investment, and maintaining regional financial stability, reported the press-centre of PBC.

The amount of the agreement is 10 billion yuan or 3 billion Turkish lira.

The effective period of the arrangement will be 3 years, and could be extended by agreement between the two parties.