On August 6, 2020, the Argentine Central Bank announced that it had formally signed a currency swap agreement with the People’s Bank of China for the next three years, equivalent to US$18.5 billion.

The bulletin issued by the Central Bank of Argentina stated that the agreement signed with China will help Argentina strengthen the financial environment to support trade and investment between China and Argentina, give Argentina greater financial stability and deepen the relationship between the two central banks.

According to a report by the National News Agency of Argentina, the central banks of the two countries have signed a currency swap agreement worth 130 billion yuan. This is the fifth time a currency swap agreement has been signed after 2009, 2014, 2017 and 2018.

In 2009, Argentina signed a 70 billion yuan currency swap agreement with China for the first time. During the G20 summit in 2018, Argentina and China added another 60 billion yuan of swap line.

As of August 3, 2020, Argentina's central bank announced the latest foreign exchange reserves of 43.375 billion U.S. dollars, and Argentina's renminbi reserves accounted for about 43% of its foreign exchange reserves. Editor/Tian Zengpeng