 A customer holds a 100 yuan banknote in a store in Shanghai. Bloomberg photo |
Turkish lender Türk Ekonomi Bankası, or TEB, has made an agreement with Hong Kong-based Bank of China Limited to offer customers the option of making financial transactions in Chinese Yuan.
After the agreement, reached in continuing trade relations between Turkey and China regarding the use of the yuan and the Turkish Lira, the Turkish lender said the move represented an important step forward.
Under the agreement between the two banks, TEB customers will be provided the option of being able to make or receive payments in yuan and obtain consultancy and brokering services from the bank during commercial transactions with their Chinese counterparts.
China and Turkey decided to carry out trade in liras and yuan, Turkish Prime Minister Recep Tayyip Erdoğan announced after his meeting with Chinese Prime Minister Wen Jiabao in the Turkish capital of Ankara earlier in October, in a move that made the requirement of a third currency redundant.
HSBC Turkey also announced earlier this month that it plans to start spot trading between the yuan and the lira in March when China boosts the international role of its currency. The lender has a correspondent bank agreement with HSBC China, which receives its yuan from China’s central bank.
Trade volume between Turkey and China reached $12.1 billion in the first eight months of last year. This figure is expected to hit $50 billion by 2015 and $100 billion by 2020.
After the agreement, reached in continuing trade relations between Turkey and China regarding the use of the yuan and the Turkish Lira, the Turkish lender said the move represented an important step forward.
Under the agreement between the two banks, TEB customers will be provided the option of being able to make or receive payments in yuan and obtain consultancy and brokering services from the bank during commercial transactions with their Chinese counterparts.
China and Turkey decided to carry out trade in liras and yuan, Turkish Prime Minister Recep Tayyip Erdoğan announced after his meeting with Chinese Prime Minister Wen Jiabao in the Turkish capital of Ankara earlier in October, in a move that made the requirement of a third currency redundant.
HSBC Turkey also announced earlier this month that it plans to start spot trading between the yuan and the lira in March when China boosts the international role of its currency. The lender has a correspondent bank agreement with HSBC China, which receives its yuan from China’s central bank.
Trade volume between Turkey and China reached $12.1 billion in the first eight months of last year. This figure is expected to hit $50 billion by 2015 and $100 billion by 2020.
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