![Turkish President Recep Tayyip Erdogan (L) and Chinese President Xi Jinping (R) shake hands during their meeting in Beijing, China on May 13, 2017 [Turkish Presidency / Yasin Bülbül / Anadolu Agency]](https://i0.wp.com/d2.middleeastmonitor.com/wp-content/uploads/2017/05/20170513_2_23650214_22041314.jpg?fit=920%2C613&ssl=1)
Turkey signed a new $3.6 billion swap agreement with China, increasing the limit on their existing currency arrangement to $6 billion, Turkish President Recep Tayyip Erdogan said yesterday according to Bloomberg.
In a statement during a press conference held at Ataturk Airport State Guest House before he departed for Brussels to attend the NATO Leaders’ Summit, Erdogan said: “The foreign exchange reserves of the Central Bank reached the level of $100 billion.”
Last month, China’s leading technology company, Xiaomi, opened a factory in Turkey alongside supply giant Salcomp.
The firm announced its plan to open the factory with an investment of $30 million in February.
The trade volume between China and Turkey was around $24 billion as of 2020.
Thanks to Turkey’s soaring export to China, the foreign trade deficit that favoured the latter decreased by 7seven per cent over the last five years.