The Central Bank of Argentina (BCRA) has announced the inclusion of the Chinese yuan, or renminbi, as an accepted currency for deposits in the country’s financial institutions by individuals and legal entities.
In a communication labeled A 7796, the BCRA stated that financial entities are now authorized to open savings and current accounts denominated in Chinese currency.
This decision is in line with the National Securities Commission’s (CNV) previous move to allow the trading of negotiable securities in yuan within the local financial market.
Earlier in June, the BCRA expressed its support for financial transactions in the Chinese currency, particularly in the spot and futures markets.
The BCRA highlighted that the renewal of the “swap” mechanism between Argentina and China could provide liquidity for yuan-denominated financial operations.
Simultaneously, the Argentine Executive announced its intention to repay a debt maturity to the International Monetary Fund (IMF) using Special Drawing Rights (SDR) and freely available yuan.
These developments signify Argentina’s efforts to strengthen its financial ties with China and expand the availability of foreign currency options for its citizens and businesses.
More: Argentina news in English, every day from The Rio Times.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief