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Argentina seeks new currency swap deal with China as Beijing pursues closer ties in Latin America

2018-11-09 10:07:03       source:South China Morning Post

November 9, 2018

Argentina is seeking a new currency swap deal with China that would add another 60 billion yuan (US$8.7 billion) to its reserves, as the Latin American nation tries to boost confidence in the peso amid an economic crisis in the region.

It marks the latest effort by China to step up its presence in Latin America, which has triggered unease in the United States. Earlier this year, Washington said El Salvador’s decision to switch diplomatic recognition from Taipei to Beijing would affect the security and economic health of the entire region.

“Argentina and China have signed a currency swap totalling 70 billion yuan before, and we are looking to expand it by adding another 60 billion yuan,” Guido Sandleris, Argentina’s new central bank governor, said in Beijing on Thursday.

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