China has proposed that Turkey make greater use of local currencies — the Turkish lira and the Chinese yuan — in bilateral trade, according to a report by Turkish newspaper Yeni Akit.
The proposal emerged during a joint conference titled “Connecting Markets, Creating Opportunities: Trade and Financial Cooperation,” co-organized by the Industrial and Commercial Bank of China (ICBC) and the Aegean Exporters’ Association of Turkey. Participants discussed the broader use of local currencies as an alternative to the US dollar in trade settlements, alongside topics such as expanding Turkey-China trade volumes, developing new areas of cooperation, and improving financing access for Turkish exporters.
Muhammet Öztürk, coordinator of the Aegean Exporters’ Association, noted that the organization represents more than 8,000 member companies from the agricultural and industrial sectors. He said Turkey’s total exports are expected to reach $18.5 billion by the end of 2025.
Öztürk also highlighted strong recent momentum in Turkey-China trade: Turkish exports to China grew 35 percent in the first four months of this year, reaching $1.2 billion, while exports from Aegean region companies rose 24 percent to $209 million over the same period.
The push to settle trade in local currencies reflects a broader trend among countries seeking to reduce reliance on the US dollar in international commerce. For Turkey, whose lira has faced prolonged depreciation pressure, the practical implications of such an arrangement remain to be seen, though the talks signal a deepening of economic ties between Ankara and Beijing.
Source: Sputnik News, May 15, 2026
https://sputniknews.cn/20260515/1071297374.html