Economy

China agrees $9 billion currency swap with Argentina

China agrees $9 billion currency swap with Argentina

In one of the biggest takeaways from the bilateral meeting, the two nations signed a US$9-billion currency swap deal to boost Argentina's foreign currency reserves, the Central Bank announced.

China and Argentina on Sunday signed 30 economic, trade and export agreements after a meeting between their presidents - Xi Jinping and Mauricio Macri, respectively - with the Chinese leader calling for "opening a new era" in bilateral relations.

China and Argentina hope to close a deal related to the construction of the latter's fourth nuclear power plant this weekend, reports Reuters.

"(China and Argentina) must make the spirit of G-20 solidarity a reality by firmly defending multilateralism and free trade to build an open world economy and foster world prosperity", the Chinese leader said.

He noted that it was the fifth meeting between the two presidents in the past two years, setting a record in China-Argentina relations.

The central bank said the swap deal will "contribute to greater financial stability and also facilitate trade" between China and Argentina. The Central Bank will be able to draw on these funds in an emergency.

The two sides should also strengthen cooperation in such areas as infrastructure, agriculture, energy and finance and enhance people-to-people exchanges, Xi said. Beijing and Buenos Aires also agreed another currency swap in 2014, which provided $11 billion for Argentina's depleted treasury reserves.

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China's president signed new trade deals with Argentina yesterday [Macau time] as the Asian giant expands its growing role in Latin American economies.

Recalling Argentina's successful participation in the first China International Import Expo in Shanghai, the president said his country looks forward to further exploring the Chinese market.

The Xi-Macri face-to-face comes after USA officials said they had reached a 90-day truce in the trade dispute with China that has rattled financial markets and imperiled global economic growth.

China and Argentina, both influential developing nations, should jointly support multilateralism and build an open and inclusive world economy, President Xi Jinping said on Sunday.

China supports Argentina in diversifying its energy sector and would like to work with the country to carry out its flagship energy projects, Xi said, adding that China would like to participate in the country's infrastructure projects and promote interconnectivity between Argentina and the rest of South America.

Photos released by Argentina's presidency showed a smiling Xi petting the pony with one hand and holding the reins with the other.


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