The Central Bank of Argentina (BCRA) and the People's Bank of China (PBC) reactivated a currency swap to help the country offset foreign exchange market operations and strengthen reserves.
The decision was announced on Sunday (08.01.2022) after a meeting between the president of the BCRA, Miguel Pesce, and his colleague from the PBC, Yi Gang, during the Bi-monthly Meeting of Central Bank Governors organized by the Bank for International Settlements (BIS) in Basel.
The swap includes “the exchange of currencies as a reinforcement of international reserves for 130 billion yuan renminbi and a special activation for 35 billion yuan renminbi to compensate for foreign exchange market operations,” according to the BCRA statement.
The two banks also agreed to "deepen the use of the RMB (yuan) in the Argentine market for bilateral exchange." (BCRA Press Release)
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