BUENOS AIRES (Reuters) – Argentina will begin paying for Chinese language imports in yuan fairly than {dollars}, the federal government mentioned on Wednesday, as a part of a transfer to alleviate the nation’s dwindling greenback reserves.
In April, it goals to pay about $1 billion of Chinese language imports in yuan as a substitute of {dollars} and thereafter about $790 million of month-to-month imports will probably be paid in yuan, in accordance with a authorities assertion.
The transfer goals to facilitate the outflow of {dollars}, Argentine Economic system Minister Sergio Massa mentioned at an occasion following a gathering with Chinese language Ambassador Zou Xiaoli and corporations from numerous sectors.
The choice comes because the South American nation struggles with vital ranges of its greenback reserves amid a pointy drop in agricultural exports attributable to a historic drought, in addition to political uncertainty forward of this 12 months’s election.
