IMF - Garner Ted Armstrong Evangelistic Association https://www.garnertedarmstrong.org Let No Man Take Your Crown Mon, 09 Jan 2023 18:25:27 +0000 en-US hourly 1 https://wordpress.org/?v=7.1.3 https://www.garnertedarmstrong.org/wp-content/uploads/2024/05/cropped-Screen-Shot-2024-05-16-at-1.06.13-PM-32x32.png IMF - Garner Ted Armstrong Evangelistic Association https://www.garnertedarmstrong.org 32 32 Argentina and China formalize currency swap deal https://www.garnertedarmstrong.org/argentina-and-china-formalize-currency-swap-deal/?utm_source=rss&utm_medium=rss&utm_campaign=argentina-and-china-formalize-currency-swap-deal Mon, 09 Jan 2023 18:23:14 +0000 https://www.garnertedarmstrong.org/?p=43270 BUENOS AIRES, Jan 8 (Reuters) – Argentina and China have formalized the expansion of a currency swap deal, allowing the South American country to increase its depleted foreign currency reserves, the Argentine central bank said on Sunday. Argentina’s government needs to rebuild reserves to cover trade costs and future debt repayments, and more reserves are...

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]]> BUENOS AIRES, Jan 8 (Reuters) – Argentina and China have formalized the expansion of a currency swap deal, allowing the South American country to increase its depleted foreign currency reserves, the Argentine central bank said on Sunday.

Argentina’s government needs to rebuild reserves to cover trade costs and future debt repayments, and more reserves are a key objective of a major debt deal with the International Monetary Fund (IMF).

President Alberto Fernandez announced the deal in November last year and said at the time it was worth $5 billion.

The heads of the Argentine and Chinese central banks “confirmed that the deal for the swap of currencies between both institutions has been activated and committed to deepening the use of (Chinese yuan) in the Argentine market,” the central bank said in a statement.

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Source: https://www.reuters.com/markets/currencies/argentina-china-formalize-currency-swap-deal-2023-01-08/

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