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.