The president of the financial authority recalled that the BCRA “adhered early to this global trend.”
He Central Bank of the Argentine Republic (BCRA) unveiled the operation of payment of imports with yuan. The president of the financial authority, Miguel Angel Pescewas present at the virtual meeting and was in charge of the opening words.
fish remembered that the International Monetary Fund incorporated the yuan in 2016 in the basket of coins and pointed out that the bilateral trade in local currencies “It is one more step in the policy of internationalization of the yuan.”
”The Central Bank of the Argentine Republic adhered early to this global trend with the first currency swap signed with the People’s Bank of China and with decisions like recognition of the ICBC as a yuan clearing house”added the president of the BCRA.
In addition, Pesce claimed that the payment system with yuan contributes to “more comprehensive objectives, such as the prudent management of international reservesas well as facilitate national production, employment and exports, and preserve the conditions of growth and financial stability in Argentina”.
The list of speakers for the meeting was also added Operations team representatives and of Foreign and BCRA Changes and of the General Directorate of Customsas well as People’s Bank of China officials. They also intervened ICBC bank representatives.
Main concepts disseminated at the meeting
- The import payments may be made in yuan, in compliance with the exchange regulations of the BCRA. By presenting a SIRA in yuan or a SIRA in dollars, the importer will be able to access payment in yuan against Argentine pesos.
- The income and expenses associated with investments in Argentina may also be processed in yuanunder compliance with current exchange regulations.
- The exceptions to the rule that make possible the advance, sight or deferred payment of imports of goods before the established term in the SIRA, they are exceptions even when the payment is indicated in yuan.
- In the exchange norm of the BCRA there are various financing options for imports of goods that, under certain conditions, They serve importers to cancel their purchases from foreign suppliers in a shorter period of time.
Source: Ambito
