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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