Argentina to Purchase Imports from China in Yuan

Argentine Minister of Economy, Sergio Massa, indicated that "the central bank will transition to purchasing imports from China in yuan." He stated on Twitter: "We are activating a financial swap with China, which will allow us to pay for imports from this country in yuan, replacing 1.04 billion dollars in April and 790 million dollars starting from May." He added: "The worst drought in our history has reduced our exports by 15 billion dollars, and we have set the task of preserving reserves to ensure imports of goods and resources essential for the country," noting that "such measures provide greater protection for the reserves."