Record High: Argentine Companies Embrace Chinese Yuan for Import Payments

By Lola Coin Jun 26, 202362Views

The use of Chinese yuan for import payments in Argentina has reached a record high as the scarcity of US dollars persists in the country. Over 500 companies in Argentina, across various industries, have requested to use Chinese yuan for their imports. Import payments authorized in yuan have amounted to $2.9 billion, as the central bank lacks dollars and needs the emergency aid China is offering. Whirlpool Corp. is one of the companies looking to utilize China’s currency for import payments. Argentina recently gained access to over half of an $18 billion currency swap line with China, which serves as a contingency measure to enhance foreign reserves. With limited options due to the scarcity of the USD, Argentina is relying on the yuan from the swap line. The daily proportion of yuan transactions in Argentina’s foreign currency market has reached a new record of 28%.

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