China has supported Ankara saying Turkey can overcome the ‘temporary’ economic crisis stressing the country’s role in ‘regional peace and stability.’

The Turkish lira has lost about 30 percent of its value against the US dollar since the beginning of August. The currency crash occurred in the wake of tensions with the United States. The detention of Andrew Brunson, an American pastor, in Turkey has cast doubts over the future of Ankara's partnership with Washington.

China's Foreign Ministry said in a brief statement on Friday that it had noted the "new direction" of the Turkish economy and its foreign relations.

"Turkey is an important emerging market country, and it remaining stable and developing benefits regional peace and stability," the Chinese Foreign Ministry said.

"China believes that Turkey has the ability to overcome the temporary economic difficulties, and hopes the relevant sides can ease their differences via dialogue."

Washington has threatened to impose more sanctions on Turkey, making it clear that no immediate end was in sight to the showdown between the two NATO allies.

The Chinese Foreign Ministry also referred to media reports that state-run Industrial and Commercial Bank of China Ltd (ICBC) had inked a $3.8-billion financing deal with Turkey. In July, China’s Xinhua state news agency reported that the Turkish unit of ICBC had signed the deal at a forum in Ankara, without giving further details.

Beijing says China has always backed business and finance cooperation between the nations and the signing of accords in accordance with market rules.

On Thursday, Turkey's Finance Minister Berat Albayrak reassured thousands of foreign investors that Ankara would manage to contain the currency crisis, vowing that his country would only emerge "stronger" from the current market volatility.

KD