Argentina will Use RMB to Replace Dollar in Settlement of Chinese Cargoes

On April 26, local time, Argentine Minister of Economy Sergio Massa held a press conference, announcing that Argentina would stop using US dollars to pay for goods imported from China and switch to RMB for settlement.

Chinese Ambassador to Argentina Zou Xiaoli was invited to attend the press conference.

Argentina will use RMB this month to pay for goods worth about $1.04 billion of Chinese imports, following an agreement with various companies, Massa said.

The use of RMB can speed up the import of Chinese goods in Argentina in the next few months, and the efficiency of relevant authorisation will be higher.

Argentina is also expected to use RMB to pay for Chinese imports worth the equivalent of $790 million to $1 billion starting in May.

In addition, Massa also emphasised that the use of RMB can increase the expectation of Argentina's net foreign exchange reserves and also bring greater freedom.

Increasing Countries Join "De-Dollarisation" amid Currency Settlement Diversification, Here are Their Various Policies, RMB Internationalisation is Accelerating

In January of this year, the Central Bank of Argentina stated that Argentina and China had formally expanded the currency swap agreement, which would strengthen Argentina's existing foreign exchange reserves of 130 billion yuan and activate the disposable quota of 35 billion yuan.