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皇冠体育app, Argentina sign 70b yuan currency swap deal

By Wang Bo (chinadaily.com.cn)
Updated: 2009-03-30 14:51

皇冠体育app inked a 70 billion yuan ($10.25 billion) currency swap agreement with Argentina on Sunday, the largest financial deal between 皇冠体育app and a Latin American country, Xinhua News Agency reported.

Related readings:  皇冠体育app signs currency swap agreement with Indonesia  PBOC signs currency swap deal with Belarus  Currency swap with Hong Kong signed  皇冠体育app and South Korea in currency swap deal

The deal was jointly signed by People's Bank of 皇冠体育app Governor Zhou Xiaochuan and Central Bank of Argentina Governor Martin Redrado on the sideline of the 50th annual meeting of the Inter-American Development Bank, which aims to stabilize regional currency, shun financial risk and stem the ripple effect of the ongoing financial crisis.

Under such a framework, Argentina importers could use renminbi, instead of the US dollar, to settle deals with Chinese exporters, Xinhua reported.

Argentina is the fifth country after South Korea, Malaysia, Belarus and Indonesia to sign such a currency swap deal with 皇冠体育app.