The Central Bank of Argentina announced that it has formally reached a currency swap agreement with China.

(Schematic, Bloomberg)

[Financial Channel/Comprehensive Report] The Central Bank of Argentina issued a statement on Sunday (8th), announcing that it has formally reached a currency swap agreement with the People's Bank of China.

"Reuters" reported that according to the content of the statement, the swap agreement reached by the two sides includes that Argentina will exchange cash for an additional 130 billion yuan (about NT$3.9 trillion) to supplement the country's international reserves, and a special activation of 35 billion yuan. (approximately NT$1 trillion) for foreign exchange market transactions, etc.

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The Argentine central bank promised that after the currency swap agreement is launched, it will be committed to deepening the use of RMB in the Argentine market.

The report pointed out that China is Argentina's second largest trading partner and also Argentina's second largest export destination.

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