Argentina is in talks to renew and potentially expand its currency swap line with China, official sources confirmed today. The government’s goal is to double the free access amount, taking it to US$ 10 billion, an official source told the Herald. The country has free access to some US$5 billion as part of the China currency swap agreement that totals 130 billion yuan (US$18.81 billion). Another government source told the Herald that the idea is to expand the total amount of the swap as well. China has been touting international usage of the yuan currency as a rival to the U.S. dollar, gaining a foothold in South America where it is the largest trade partner for many regional economies.

Source: Bueno Aires Herald May 24, 2023 22:30 UTC