BUENOS AIRES :Argentina has signed a deal to renew its currency swap line with China and double the amount it can access to near $10 billion, the South American country's central bank said in a statement on Friday, a boost to its dwindling foreign currency reserves.The bank said that the two countries had agr
BUENOS AIRES :Argentina has signed a deal to renew its currency swap line with China and double the amount it can access to near $10 billion, the South American country's central bank said in a statement on Friday, a boost to its dwindling foreign currency reserves.
"The procedure has begun to increase the usable amount by another 35 billion yuan," Argentina's central bank said following a meeting between officials in Beijing. The country's foreign currency reserves have fallen sharply this year due to a historic drought that slashed grains exports, the main source of dollar revenue, and the peso currency has weakened under the weight of 109 per cent annual inflation.
Argentina's Economy Minister Sergio Massa and central bank chief Miguel Pesce traveled to China this week, meeting there with various officials to discuss financing, investments in lithium and energy sectors, as well as agricultural trade.
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