Argentina govt to pay for Chinese imports in yuan rather than dollars

BUENOS AIRES, April 26 (Reuters) – Argentina will start to pay for Chinese imports in yuan rather than dollars, the government announced Wednesday, a measure that aims to relieve the country’s dwindling dollar reserves.

In April, it aims to pay around $1 billion of Chinese imports in yuan instead of dollars and thereafter around $790 million of monthly imports will be paid in yuan, a government statement said.

The decision aims to ease the outflow of dollars, Argentina’s Economy minister Sergio Massa said during an event following a meeting with the Chinese ambassador, Zou Xiaoli, as well as with companies from various sectors.

The decision comes as the South American nation battles critical levels in its dollar reserves amid a sharp drop in agricultural exports caused by a historic drought, as well as political uncertainty ahead of elections this year.

In November last year, Argentina expanded a currency swap with China by $5 billion, seeking to strengthen Argentina’s international reserves.

The agreement will allow Argentina “to work on the possibility” of advancing the rate of imports, Massa added, with yuan-denominated import orders being authorized in 90 days rather than the standard 180 days.

By PatriotmanPublished On: April 26, 2023Categories: Uncategorized3 Comments

About the Author: Patriotman

Patriotman currently ekes out a survivalist lifestyle in a suburban northeastern state as best as he can. He has varied experience in political science, public policy, biological sciences, and higher education. Proudly Catholic and an Eagle Scout, he has no military experience and thus offers a relatable perspective for the average suburban prepper who is preparing for troubled times on the horizon with less than ideal teams and in less than ideal locations. Brushbeater Store Page: http://bit.ly/BrushbeaterStore

3 Comments

Centurion_Cornelius April 26, 2023 at 16:45

In this dead serious game of abandoning the dollar, here’s some humor:

I go to the Doc for my annual physical and ask him how am I doing?

Doc says: “Why, you’re sound as a dollar.”

Me: “Hell–I better get over to the undertaker to pre-pay my funeral…”
Surrounded By Traitors April 26, 2023 at 17:32

Comrades always stick together and letting them get into South America was some more brilliance from an earlier time of long marching quisling traitors.
They used this to infiltrate the catholic church and the si se puede replacements will never be voting for the chamber of commerce Grand Old Politburo wing of the Uniparty.
The state punishing those not in favor is a feature to them.
Überdeplorable Psychedelic Cat Grass April 26, 2023 at 21:38

My aunt is a naturalized citizen, Argentine by birth.

She has not been back in years but says it’s still corrupt; she’s got no love for the Commies either. Because of their insurgency in the 70s, the National Reorganization Process (better known in English) took place. One person (luckily only one) in her hometown of 30,000 was disappeared, no known links to Communism.

Also, I thought in terms of food preparedness everyone would appreciate this: https://www.thehealingland.com/butchering-workshop