Miguel Ángel Pesce, President of the Central Bank of the Argentine Republicon his trip to China, advertisement the early renewal of the SWAP shared with the Asian country for the amount of 130 billion RMB for a period of 3 years.
This agreement, the third to be signed since 2009, was announced last Friday, June 2, and was signed by the same president of the BCRA together with the accompaniment of the Minister of Economy, Sergio Massa; the Argentine ambassador in Beijing, Sabino Vaca Narvaja, and the secretary of International Economic and Financial Affairs, Marco Lavagna.
According to some Argentine media, The new renewal of this swap will allow Argentina to alleviate the deficit with Argentina’s second trading partner, and also expand reserves and try to curb the exchange rate tension. For his part, Federico Zirulnik, CESO economist, who, in addition to qualifying this renewal as good news, commented to the newspaper Ámbito of Argentina, which the Swap favorably generates an exchange of currencies and also functions as a line of credit.
Finally, it should also be noted that according to the statement issued by the BCRA, Another application, extension and activation process for an amount of up to 35 billion yuan has already started.
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