The heads of the Argentine and Chinese central banks confirmed the activation of the currency swap the two countries signed last November. The president of Argentina’s central bank, Miguel Pesce, met with the governor of the People’s Bank of China, Yi Gang, in the Swiss city of Basel. As a result of the meeting, the official communiqué adds, both countries committed to deepening the usage of the yuan in the Argentine market for bilateral commerce. “The swap comprises the exchange of currency for reinforcement of international reserves of 130 billion yuan and a special activation of 35 billion yuan to compensate operations on the foreign exchange market,” added the statement. The agreement aims to increase the nation’s depleted foreign currency reserves.

Source: Bueno Aires Herald January 10, 2023 06:27 UTC