Argentina to pay for Chinese imports in yuan instead of US dollars

Argentina will start paying for Chinese imports in yuan instead of US dollars in an effort to preserve the country’s dwindling foreign currency reserves, Economy Minister Sergio Massa said Wednesday.
“Following the worst drought in history, Argentina must keep its (foreign) reserves robust," Massa said during an event following a meeting with Chinese Ambassador Zou Xiaoli,

He noted that there will be challenges "to rethink and redefine the country’s import strategy” together with the International Monetary Fund (IMF).

"Argentina has a currency swap with China that works not only as an instrument to strengthen its (international) reserves but also as a financial and commercial instrument,” he said.

Argentina aims to pay for around $1 billion of Chinese imports in yuan instead of dollars in April, and thereafter around $790 million worth of monthly imports will be paid in yuan, the government said in a statement...[AA]