Argentina’s Central Bank (BCRA) agreed to extend its currency swap with China for a free access amount of 47 billion yuan, equivalent to US$6.5 billion. What he did was extend the use of the [currency] swap we had already been granted. The currency swap is a currency exchange between the BCRA and the People’s Bank of China (BPC). Economy Minister Sergio Massa lauded the extension of the currency swap, calling the development “huge.”“This is huge news for the strengthening of Argentina’s reserves. Why the currency swap extension is important“The first tranche of the swap was key in maintaining imports and even complying with the International Monetary Fund (IMF) during the first half of the year,” economist Pedro Gante says.

Source: Bueno Aires Herald October 18, 2023 19:23 UTC