Turkish airlines secure financing for aircraft purchases in yuan

The Turkish Airlines became the first carrier to secure Chinese yuan denominated aircraft financing outside of China, the company announced Wednesday. Three Airbus A350 aircraft that joined the national carrier's fleet in May-July period are financed in yuan by China's leading AVIC International Leasing and CCB Financial Leasing, the company clarified in a statement aired by the Anadolu News Agency. "We have added a new achievement in the field of financing aircraft purchases," Turkish Airlines Board Chairman Ahmet Bolat said. "By adding the fifth currency to the variety of currencies used in aircraft financing, we do not only support our currency hedging strategies but also focus on keeping our financing cost at the minimum levels." Bolat boasted that the Chinese business partners' interest and support to this transaction, which was never used outside China before, is an indicator of the mutual trust between the parties as well as the collaboration between the two countries. Source: Kuwait News Agency