On April 26th, local time, Argentine Economy Minister Felipe Massa held a press conference and announced that Argentina would stop using US dollars to pay for imports from China and instead use RMB.
Mr Massa said Argentina would use RMB this month to pay for the equivalent of about 1.04 billion dollars worth of Chinese imports after striking deals with various companies.The use of RMB can speed up the pace of imports of Chinese goods to Argentina in the coming months, and the relevant authorization will be more efficient. Argentina is also expected to use RMB to pay for Chinese imports worth between $790 million and $1 billion starting in May.
In addition, Mr Massa emphasized that using the renminbi would boost Argentina's expectations of net foreign exchange reserves and also bring greater freedom.
January of this year, Argentina's central bank said Argentina and China had formally expanded a currency swap agreement that would strengthen Argentina's already RMB 130 billion in foreign exchange reserves and activate a discretionary quota of RMB 35 billion.