Argentina says it will pay for Chinese imports in yuan instead of dollars | Forexlive

In April, it aims to pay around $1 billion of Chinese imports in yuan instead of dollars and thereafter around $790 million of monthly imports will be paid in yuan.

• last year, Argentina expanded a currency swap with China by $5 billion
• this new agreement will allow Argentina “to work on the possibility” of advancing the rate of imports
• yuan-denominated import orders will be authorized in 90 days rather than the standard 180 days

Argentina is an economic basket case, facing dwindling dollar reserves. Argentina’s Economy minister Sergio Massa met with the Chinese ambassador, Zou Xiaoli, and has grabbed a bailout lifeline.

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The de-dollarisation folks will cheer this. The geopolitical folks will be nervously eyeing Chinese influence in South America

Argentina. LOL.