Argentina decides to trade in Chinese yuan instead of US dollar

Argentina decides to trade in Chinese yuan instead of US dollar

Daily Current Affairs   /   Argentina decides to trade in Chinese yuan instead of US dollar

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Category : International Published on: April 29 2023

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  • Argentina stepped up its efforts to de-dollarise its crisis-ridden economy as Buenos Aires announced that it will begin paying for Chinese imports in yuan instead of dollars.
  • This is because the Argentines make crucial transactions such as the ones in real estate, with dollars.
  • In April, Argentina aims to pay around $1 billion of Chinese imports in yuan instead of dollars. Thereafter around $790 million of monthly imports will be paid in yuan.
  • In November last year, Argentina expanded a currency swap with China by $5 billion, in an effort to increase its yuan reserves.
  • This is a move aimed at getting rid of dwindling dollar reserves in the country. 
  • The government said the decision was taken to limit the effects of financial crisis and inflation of more than 100 percent year-on-year.
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