Argentina, China formalize currency swap deal

新低手

April 15, 2009 5:58 PM ET
BUENOS AIRES, Argentina (AP) - Argentina and China have finalized a deal to swap $10.2 billion worth of their currencies and avoid using U.S. dollars in bilateral trade

A central bank statement Wednesday says the swap is a contingency plan to bolster liquidity amid the global financial crisis.

It is China's first such agreement in Latin America.

The move aims to cut trading costs associated with currency exchanges by letting Argentine importers buy Chinese products directly in yuans — and vice versa.

Analysts say it also gives South America's second-largest economy access to hard currency and strengthens its financial position.

China has been pushing to end the dollar's international dominance.

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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