Foreign exchange trading facilities between Argentina and the People’s Republic of China

Photo: President Alberto Fernández met with Xi Jinping at the Great Hall of the People and they agreed to incorporate Argentina into the Belt and the Silk Road in the Beijing Winter Olympics – February 2022. By: La Casa Rosada. Source: CC – Wikimedia Commons.

The President of the People’s Republic of China, Xi Jinping, met with Argentine President, Alberto Fernández, on November 15, on the occasion of the G20 summit in Bali. The leaders agreed to extend a foreign exchange agreement for US$ 5 billion (equivalent to 35 billion yuan), increasing international reserves and speeding up Chinese disbursements earmarked for the construction of two dams in the Latin American country.

The Industrial and Commercial Bank of China (ICBC) celebrated a decade of operations in Argentina. At the event, the president of the Central Bank of the Argentine Republic (BCRA), Miguel Pesce, took the opportunity to announce the implementation of the Bank Clearing System of the Chinese entity, allowing the bank to start correspondent operations in yuan with local financial institutions. This is a great step forward for the expansion of trade relations between the People’s Republic of China and Argentina.

Top Headline:

iProfesional (Argentina): ICBC facilita las operaciones de comercio exterior con China con yuanes, sin necesidad de convertirlas a dólares.

Find out more:

Telesur (Nicaragua, Venzuela and Cuba state owned media): Argentina obtiene de China fondos para reservas y obras.