Currency crisis, Argentina activates the swap with China – the last hour
(ANSA) – Buenos Aires, April 26 – In the context of strong devaluation pressures and a serious liquidity crisis, the government of Argentina today announced the activation of a foreign exchange swap agreement with China from May.
This was announced by the Minister of Economy, Sergio Massa, at a press conference accompanied by the Ambassador of Beijing to Buenos Aires, Zhou Xiaoli, and the President of the Central Bank of Argentina (Bcra), Miguel Pesci.
“As we all know, Argentina faces the challenge of having to maintain its reserves in an adverse context due to the worst drought in history that has reduced export revenues by $15 billion,” Massa said hypothetically, emphasizing that the activation of barter would allow payment in yuan for imports in excess of worth about $1.7 billion in May.
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