China and Argentina rejected the dollar in mutual trade

[DARPA]

MOSCOW, September 8. China and Argentina have started practical implementation of measures that will significantly reduce the share of dollar-denominated payments in mutual trade turnover and move on the yuan.


Central banks of Argentina and the People's Bank of China launch currency swaps - agreements that would establish a direct exchange of national currency at the Central Bank, bypassing the conversion to the dollar on the world market, PRIME.

This step will allow the Argentine importers of Chinese goods to pay for them in yuan to give Chinese currency through the central bank in case of need.

The first tranche of RMB under the currency swap will go to Argentina by the end of the year. Its volume is equivalent to billions of dollars.

The total amount of currency swaps, which the Chinese authorities and Argentina agreed to in July, will be the equivalent of $ 11 billion.