The Central Bank of China reported that, as anticipated in the framework of the economic team’s mission to that country, the renewal of the swap with Argentina became effective.
Although it was already confirmed news, this Friday, the central bank of china officially informed, through a statement, that it renewed the agreement of swap foreign exchange with Argentina for 130,000 million yuan (the equivalent of US$18,230 million, given that one dollar is equivalent to 7.13 Chinese yuan) for three more years.
Just as I had anticipated Ambitthe news broke last Friday at dawn in Argentina, when, within the framework of the economic team’s mission to China, Miguel Pesce, president of the Central Bank (BCRA), together with the president of the Bank of the People’s Republic of China (PBC), Yi Gang, renewed the currency swap for another 3 years.
Likewise, let us remember that at that meeting it was also agreed to activate a second tranche of up to another 35,000 million yuan (equivalent to u$s5,000 million) of free disposal that they will be released in favor of the BCRA according to the financial needs derived from the restriction generated by the drop in exports from the agricultural complex due to the historical drought that affected production.
However, this is not detailed in the statement of the date issued by the PBC because “it makes up the renewal and the expansion is implicit in the agreement,” according to specialized sources explained to this medium.
Source: Ambito
