{"id":555,"date":"2023-05-25T12:13:49","date_gmt":"2023-05-25T09:13:49","guid":{"rendered":"https:\/\/invest24world.com\/?p=555"},"modified":"2023-05-25T12:15:05","modified_gmt":"2023-05-25T09:15:05","slug":"argentina-in-talks-to-expand-china-currency-swap-line-source-says","status":"publish","type":"post","link":"https:\/\/22-preview.freshtone.ru\/es\/argentina-in-talks-to-expand-china-currency-swap-line-source-says\/","title":{"rendered":"Argentina in talks to expand China currency swap line, source says"},"content":{"rendered":"\r\n<p>Argentina is in talks to renew and potentially expand its currency swap line with China, a central bank source said on Wednesday, as the South American country battles tumbling foreign reserves that threaten its ability to meet payments.<\/p>\r\n\r\n\r\n\r\n<p>The country has free access to some $5 billion as part of the China currency swap agreement that totals 130 billion yuan ($18.81 billion). The two countries activated the usable portion in January to help bolster Argentina&#8217;s embattled peso.<\/p>\r\n\r\n\r\n\r\n<p>The government source said the central bank was &#8220;advancing towards the renewal of the swap and discussing the possibility of increasing the unrestricted amount&#8221;, with the aim to have an agreement ready to sign by the end of May.<\/p>\r\n\r\n\r\n\r\n<p>&#8220;The idea is to have everything sealed to travel and sign at the end of the month,&#8221; the source added. Economy Minister Sergio Massa and central bank chief Miguel Pesce are expected to travel to China from May 29 to June 4.<\/p>\r\n\r\n\r\n\r\n<p>An economy ministry source, asked about the swap deal, said there could be news around the trip but gave no details.<\/p>\r\n\r\n\r\n\r\n<p>Argentina must rebuild its reserves to cover trade costs and future debt repayments, as well as to meet economic targets under its $44 billion loan program with the International Monetary Fund (IMF), which it is currently trying to revamp.<\/p>\r\n\r\n\r\n\r\n<p>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.<\/p>\r\n\r\n\r\n\r\n<p>In April Argentina said it would start to pay for Chinese imports in yuan rather than dollars, a measure also aimed at relieving the country&#8217;s dwindling dollar reserves.<\/p>\r\n\r\n\r\n\r\n<p>Argentina&#8217;s foreign currency reserves have fallen sharply this year as a major drought battered exports of cash crops corn and soy and the peso weakened, pressured by 109% annual inflation and political uncertainty ahead of elections in October.<\/p>\r\n\r\n\r\n\r\n<p>($1 = 6.9121 <a href=\"https:\/\/www.investing.com\/currencies\/usd-cny\">Chinese yuan<\/a>\u00a0renminbi)<\/p>\r\n\r\n\r\n\r\n<p>Source: https:\/\/www.investing.com\/news\/economy\/argentina-in-talks-to-expand-china-currency-swap-line-source-says-3090063<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>Argentina is in talks to renew and potentially expand its currency swap line with China, a central bank source said on Wednesday, as the South American country battles tumbling foreign reserves that threaten its ability to meet payments. The country has free access to some $5 billion as part of the China currency swap agreement [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":556,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-555","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpautop"],"translation":{"provider":"WPGlobus","version":"2.10.10","language":"es","enabled_languages":["en","nl","es","sv","fr"],"languages":{"en":{"title":true,"content":true,"excerpt":false},"nl":{"title":false,"content":false,"excerpt":false},"es":{"title":false,"content":false,"excerpt":false},"sv":{"title":false,"content":false,"excerpt":false},"fr":{"title":false,"content":false,"excerpt":false}}},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Argentina in talks to expand China currency swap line, source says - 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