Chinese may buk bank in Turkey, and Turkey plans to open bank in China

Turkey plans to open a bank in China as a result of strengthening bilateral trade and monetary ties, according to Deputy Prime Minister for the Economy Ali Babacan. The Bank of China, China's third-largest lender by market value, has gotten a license to open a branch in Istanbul, Babacan told the Turkey- China Business Forum yesterday in Istanbul. The Turkish Central Bank and the Chinese Central Bank are negotiating to support trade in national currencies, he added. "We're also trying to open a Turkish bank in China as soon as possible," Babacan said, adding that Ankara hopes to develop a long-term, multifaceted strategic partnership with China. The Industrial and Commercial Bank of China (ICBC) has also been looking for opportunities to open branches in Turkey, said Ning Zhang, the secretary-general of the standing committee of Shenyang Municipal People's Congress. More than 50 Chinese companies seeking investment and trade opportunities in the Turkish market took part in yesterday's event.