Argentina widens currency swap with China to 130b yuan

Business | 9 Nov 2018 11:43 am

Argentina’s central bank said yesterday it would nearly double its currency swap deal with China, bringing the total to 130 billion yuan, as Beijing looks to expand its influence in the recession-struck Latin American country.

Central Bank President Guido Sandleris, who was in China finalizing the agreement, said that the deal for 70 billion yuan would be expanded by 60 billion yuan, according to a bank spokesman, Reuters reports.

"The agreement is practically done, minus some formal details to finalize the process,” Sandleris said.

Argentina and China first agreed to a currency swap program to boost its dwindling reserves in 2009 under former President Cristina Fernandez. Last year, under President Mauricio Macri, they agreed to extend the program for three more years.

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