Argentina to pay for Chinese imports in yuan instead of USD

"Together with [Chinese] Ambassador Zou Xiaoli and entrepreneurs, we are starting a swap with China, which will enable us to pay for imports from this country in yuan, thus replacing $1.04 billion in April and $790 million starting May," he tweeted.

Argentina’s exports fell by $15 billion due to ‘the worst drought in the country’s history’, Massa was quoted as saying by a news agency.

"This set a challenging task for us to maintain reserves for keeping the level of import of materials and goods that play a key role for economic activities and production in the country," he explained.

The shift to yuan in trade with China would offer ‘more freedom’ for Argentina and ‘strengthen its reserves’, he said.

Argentinian President Alberto Fernandez said last November that China had agreed to extend a swap provided to Argentina to $5 billion.

Fibre2Fashion News Desk (DS)