ARGENTINA RENEWS US$19 BILLION CHINA CURRENCY SWAP, BRUSHING OFF WASHINGTON’S PRESSURE

Argentina has renewed its currency swap with China for five years, preserving a US$19 billion lifeline that Washington spent more than a year pressing it to give up. The Argentine central bank and the People’s Bank of China (PBOC) signed the extension of the 130 billion yuan line on Wednesday, a day before the existing deal was due to expire.

News - South China Morning Post reports that argentina has renewed its currency swap with China for five years, preserving a US$19 billion lifeline that Washington spent more than a year pressing it to give up.

The report adds: The Argentine central bank and the People’s Bank of China (PBOC) signed the extension of the 130 billion yuan line on Wednesday, a day before the existing deal was due to expire.

The new term runs to 2031, two years longer than any previous renewal since the two countries first signed it in 2009.

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