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Beijing Begins Dealing in Turkish Lira

Beijing declared the next Monday to be the start date of the direct dealing in the Turkish lira and the Chinese 'Renminbi'...

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2016-12-10 Last update 2020-02-10

Beijing Begins Dealing in Turkish Lira

Beijing declared the next Monday to be the start date of the direct dealing in the Turkish lira and the Chinese 'Renminbi'.

This Friday, a statement posted on the official page of the foreign exchange trading in China (CFETC) to announce Monday, the 12th of the current December, to be the date of dealing directly with the currencies of the two countries in the foreign exchange markets between the banks with the approval of the Chinese Central Bank.

Dealers will be able to traders in the foreign exchange market between banks and institutions to deal directly in the Turkish lira and Chinese 'Renminbi'.

China's Central Bank has authorized the platform of foreign exchange trading in China (CFETC) to be responsible for the technological support to conduct direct actions to deal between the Turkish lira and the Chinese 'Renminbi' in the inter-bank market.

(CFETC), every day, is going to publish the exchange rate system between the Turkish lira and the Chinese 'Renminbi,' the thing that will allow the fluctuation of the exchange rate between the two currencies by 5% increases and decreases.

This action aims to promote trade and investment between Turkey and China, and to meet the needs of economic institutions to reduce the costs of currency exchange, as well as to facilitate the use of the currencies of the two countries in trade and cross-border investments.

It is worth mentioning that The Renminbi is the official currency of the People's Republic of China issued by the People's Bank of China, and in the Chinese language the Renminbi is translated literally into the people's money.

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