Central Bank of Argentina borrows $814m through China swap line
Currency swap agreement of $11 billion was signed in July
The Central Bank of Argentina has taken action to increase its reserves, by tapping a currency swap agreement with its Chinese counterpart for the first time yesterday, requesting the equivalent of $814 million.
As part of the three-year agreement, signed during a state visit by the Chinese president Xi Jinping in July, the central bank may exchange currencies up to a maximum of $11 billion (70 billion yuan), in support of its "financial, exchange-rate and monetary policies".
"This instrument
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