After confirming the extension of the swap from US$5,000 million to US$10,000 million to pay for imports, two companies agreed to convert payments due in the coming months from dollars to yuan.
Miguel Pesce, president of the Central Bank (BCRA) renewed with the president of the Bank of the People’s Republic of China (PBC), Yi Gang, the currency swap for another 3 years. In this way, a second tranche of up to another 35,000 million yuan (equivalent to US$5,000 million) was activated, which will be released when the entity requires it and with which they can intervene in the exchange market.
After the extension of the swap negotiated by the entourage headed by the Minister of Economy Sergio Massa, it was announced that two Argentine companies agreed to convert their debt from dollars to yuan. These are the main electronic industries of Tierra del Fuego that had payments due in the following months: May, June, July and August.
In the case of Newsanan Argentine company dedicated to the manufacture, sale and distribution of consumer electronics and household items, will convert its debt from US$256.700 million to yuan. as long as mirgoran Argentine company that produces electronic, mobile and automotive components, and also exports, distributes and markets agricultural products will convert US$373.6 billion to yuan.
In total, US$630,300 million are left to be paid and will be dealt with in the Chinese currency. “It is important to remember that these companies had already approved the draft in dollars but voluntarily they went to yuan to alleviate the reserves,” the government said. Both importers have already started the process at Customs to adjust customs clearance and be able to pay this debt already accrued in dollars in yuan.
Source: Ambito
