Argentina to pay for Chinese imports in yuan instead of USD
“With [Chinese] Ambassador Zou Xiaoli and entrepreneurs, we are starting an exchange with China, which will allow us to pay for imports from this country in yuan, thus replacing $1.04 billion dollars in April and $790 million starting in May,” he wrote on Twitter.
Massa said Argentina’s exports fell by $15 billion due to “the worst drought in the country’s history”.
According to Economy Minister Sergio Massa, Argentina has decided to pay for Chinese imports in yuan instead of dollars. Switching to the yuan in trade with China, he said, would bring ‘more freedom’ to Argentina and ‘strengthen its reserves’. China has agreed to extend a swap offered to Argentina up to $5 billion, it was announced last November.
“This poses a challenge for us to maintain reserves to keep the import level of raw materials and goods that play a key role in economic activity and domestic production,” he explained.
Switching to the yuan in trade with China, he said, would bring ‘more freedom’ to Argentina and ‘strengthen its reserves’.
Argentine President Alberto Fernandez said last November that China had agreed to extend the swap provided to Argentina to $5 billion.
Fiber2Fashion (DS) News Desk