Abandoning The US Dollar, China Turkey Will Use Its Own Currency In Trade.
Turkey
Prime Minister El and Wen Jiabao, Prime Minister of China, said recently that China and Turkistan would use bilateral trade.
Domestic currency
This fact excludes the use of US dollar in bilateral trade in the soil.
Turkey is the last leg of Wen Jiabao's trip to Europe. The statement was made by the Chinese Turkish leader at a joint news conference held in Ankara.
El noted that eight trade agreements were signed between the two countries.
Both prime ministers also promised to increase the volume of Sino Turkish trade by two times in five years, reaching 50 billion dollars, reaching 100 billion US dollars by 2020.
Reported that El said that China and Turkey are developing economies.
strategic cooperation
Partnership and agreed to use Turkey lira and RMB for settlement in all bilateral economic and trade contacts.
China has been trying to steadily improve the image of the renminbi, perhaps in the hope that the renminbi will play a greater role in the world economic stage one day.
At the end of September, China supported Russia's proposal to allow direct exchange of RMB and ruble.
In addition, China has reached a similar agreement with Brazil.
However, the US dollar remains an irresistible currency option in most international trade, and there are trillions of dollars in China's foreign exchange reserves.
In Wen Jiabao's trip to Europe, the controversy over the RMB exchange rate has always been the main topic of his discussion.
The United States and the European Union are China's two largest trading partners. They warn that lowering the value of the renminbi to stimulate China's exports may damage the global economic recovery.
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