Turkish Airlines secures aircraft financing in yuan, 1st carrier outside of China

Turkish Airlines became the first airline to secure Chinese yuan denominated aircraft financing outside of China, according to a statement on Wednesday.

Three Airbus A350 aircraft that joined the flag carrier's fleet in May-July period are financed in Chinese yuan by China's leading AVIC International Leasing and CCB Financial Leasing.

Turkish Airlines 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."

"Our 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 our countries."