The yuan, the currency of Chinese origin that is listed at 31.98 Argentine pesos per unit, was approved this Wednesday by the Ministry of Economy to be used in import transactions to Argentina. The announcement was made during the afternoon by the head of the aforementioned portfolio, Sergio Massa, who received the Chinese ambassador, Zou Xiaoli, and companies from various fields at the Treasury together with his cabinet.
In this way, the country will stop using the US dollar currency for imports, amid the uncertainty generated by the increase in the price of informal currency.
In a statement issued by the Treasury, it was specified that the swap with China will also be activated: “In May, 1,070 million dollars that were going to be paid in dollars will be replaced by yuan because they are imported from China,” they said, explaining that It is a volume of 790 million dollars that will stop being imported in that currency thanks to the agreement with the Asian giant.
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Massa stressed that “Based on the agreement with the companies, the ICBC and the Bank of China, we reprogrammed the payment instrument for more than 1,040 million dollars for this month with imports that stop weighing dollars and become part of the flow of yuan to through the good use of the swap”.
He argued that this will allow “strengthen Chinese and Argentine bilateral trade, and allows us in the coming months work to advance the pace of imports. They were authorizations that were worked for 180 days and now with 90 yuan. And to schedule imports for 1,000 million dollars in yuan.”
“This Argentina’s net reserves outlook improves. It gives us more freedom and adds us capacity to function from the BCRA, in these days when we had to make the decision to intervene against those who, thinking that we did not have economic capacity as a State, speculated and overspeculated. Somehow it allows us to maintain the level of activity, maintain the volume of imports, maintain the rhythm of economic trade between Argentina and China, and the levels of economic functioning”he emphasized optimistically.