(Buenos Aires Comprehensive News) The Argentine government announced on Wednesday (April 26) that it will begin to replace the US dollar settlement trade trade with the US dollar settlement to alleviate Argentina's decreasing US dollar reserves.
Comprehensive Reuters and Buenos Aires Herald, Argentina, reported that the Argentine government said that it will use RMB imports of about $ 1 billion (about S $ 1.335 billion) this month.Payment value is equivalent to US $ 790 million in imports.
Argentine Economic Minister Massa said in the event with the Chinese ambassador to Argentina Zou Xiaoli and the representatives of various industry companies that the decision was designed to alleviate the US dollar outflow.
AFP and Reuters reported analysis that Argentina has depreciated by currency due to drought out exports and political uncertainty, coupled with high inflation, exacerbating the US dollar reserves outflow.At present, Argentina implements foreign exchange control to reduce the impact of the financial crisis.
Massa said that the decision to pay with RMB has "improved the prospect of Argentina's net reserves" and gives Argentina a greater operating ability.
Reuters reported in January that Argentina and China expanded the currency exchange agreement to strengthen Argentina's foreign exchange reserves of 130 billion yuan, and will receive an additional 35 billion yuan foreign exchange market compensation.
