Posted on 04/26/2023 7:26:34 PM PDT by Nextrush
Argentina's government on Tuesday accused the country's rightwing opposition of fueling a dramatic erosion of the peso against the dollar, and ordered an investigation
Buenos Aires, Argentina: Argentina will pay for Chinese imports in yuan instead of US dollars in order to preserve its dwindling foreign reserves, Economy Minister Sergio Massa said on Wednesday.
The South American country will be able to "program a volume of imports in yuan worth (the equivalent of) more than $1 billion from next month<" Massa said at a meeting in Buenos Aires with Chinese ambassador Zou Xiaoli.
This would "replace" the use of Argentina's US dollar reserves...
(Excerpt) Read more at ndtv.com ...
The left-wing government blaming the right-wing opposition for driving the value of the peso lower.
Someone should tell them Chinese Yuan are also considered foreign reserves. Its why they used the word "foreign."
Swapping beef and wheat for cell phones and cheap steel sounds OK. The Argentines are saving their real money for plane parts and oil.
But the oil can be bought in dirham and rubles they can get from selling beef and wine.
Argentina is an economic basket case. No monetary flim-flam is going to change that. It’s a cultural problem.
“Argentina struck a deal with Beijing on Wednesday to stop using U.S. dollars to pay for Chinese imports and embrace the yuan instead.
The measure, driven by Argentina’s leftist President Alberto Fernández, is designed to relieve the South American country’s dwindling dollar reserves, AP reports.
The deal further enhances China’s rise on the world stage and the diminished role of the U.S. on a host of fronts under President Joe Biden.
After reaching the agreement with various companies, Argentina will use the yuan for imports from China worth about U.S.$1.04 billion from next month, accelerating trade with China as Beijing seeks to gain a further foothold in South America.
In November last year Argentina expanded a currency swap with China by $5 billion in an effort to increase its yuan reserves.”
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