Argentina will make part of its debt payments to the IMF in yuan through the extension of its currency swap with China, Argentine Economy Minister Sergio Massa said in a speech on YouTube on Monday, expressing his thanks to the Chinese government.
According to Massa, the Argentine government will repay $2.7 billion in debt to the IMF as it comes due, of which $1 billion is to be financed by the Development Bank of Latin America, known as CAF, and the other $1.7 billion will be paid using the equivalent in yuan under the China-Argentina currency swap agreement.
The Central Bank of Argentina announced earlier it will allow financial institutions to use the yuan as a currency for deposits by individuals and legal entities. Financial institutions will be able to open both checking and savings accounts denominated in the Chinese currency.
