{"id":1035,"date":"2023-04-27T13:48:51","date_gmt":"2023-04-27T17:48:51","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/forex\/argentina-govt-to-pay-for-chinese-imports-in-yuan-rather-than-dollars\/"},"modified":"2023-04-27T13:48:51","modified_gmt":"2023-04-27T17:48:51","slug":"argentina-govt-to-pay-for-chinese-imports-in-yuan-rather-than-dollars","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=1035","title":{"rendered":"Argentina govt to pay for Chinese imports in yuan rather than dollars"},"content":{"rendered":"
\n

BUENOS AIRES (Reuters) -Argentina will start to pay for Chinese imports in yuan rather than dollars, the government announced Wednesday, a measure that aims to relieve the country’s dwindling dollar reserves. <\/p>\n

In April, it aims to pay around $1 billion of Chinese imports in yuan instead of dollars and thereafter around $790 million of monthly imports will be paid in yuan, a government statement said.<\/p>\n

The decision aims to ease the outflow of dollars, Argentina’s Economy minister Sergio Massa said during an event following a meeting with the Chinese ambassador, Zou Xiaoli, as well as with companies from various sectors.<\/p>\n

The decision comes as the South American nation battles critical levels in its dollar reserves amid a sharp drop in agricultural exports caused by a historic drought, as well as political uncertainty ahead of elections this year.<\/p>\n

\u00a0\u00a0\u00a0 In November last year, Argentina expanded a currency swap with China by $5 billion , seeking to strengthen Argentina’s international reserves. <\/p>\n

\u00a0\u00a0\u00a0 The agreement will allow Argentina “to work on the possibility” of advancing the rate of imports, Massa added, with yuan-denominated import orders being authorized in 90 days rather than the standard 180 days. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

BUENOS AIRES (Reuters) -Argentina will start to pay for Chinese imports in yuan rather than dollars, the government announced Wednesday, a measure that aims to relieve the country’s dwindling dollar reserves. In April, it aims to pay around $1 billion of Chinese imports in yuan instead of dollars and thereafter around $790 million of monthly […]<\/p>\n","protected":false},"author":1,"featured_media":1036,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[244],"tags":[83],"class_list":["post-1035","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forex","tag-featured"],"yoast_head":"\nArgentina govt to pay for Chinese imports in yuan rather than dollars | iFintechWorld<\/title>\n<meta name=\"description\" content=\"BUENOS AIRES (Reuters) -Argentina will start to pay for Chinese imports in yuan rather than dollars, the government announced Wednesday, a measure that\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=1035\" \/>\n<meta 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