Argentina will allow payment of imports in yuan
Sergio Massa, Minister of Economy, announced that the measure is intended to maintain international reserves
The Minister of Economy of Argentina, Sergio Massa, reported the activation of the swap with China, through which the payment of imports from the Asian giant in yuan will be allowed to face the challenge of maintaining the level of international reserves, which in the last few weeks are falling significantly due to the economic impact of the drought that the country is going through, among others.
In a joint appearance with the Chinese ambassador in Argentina, Zou Xiaoli, the minister explained that this measure will allow payments worth 1,070 million dollars to be replaced, which will have a positive effect on the level of reserves.
With this change, the payments for these imports will “cease to weigh” on the outflow of dollars and will become part of the outflow of yuan. “It’s about defending the value of Argentina’s reserves,” Massa said.
This same week, the Argentine government stressed that they would use all the necessary tools to order the chaos that the rise in the dollar exchange rate is causing in the country and is already contemplating renegotiating the financing program with the International Monetary Fund (IMF).
K. Tovar
Source: El País
(Reference image source: file)
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