* Argentina’s economy minister, Sergio Massa, has announced that the country will start to pay for Chinese imports in yuan rather than US dollars, in a move that will reduce pressure on Argentina’s dollar reserves. In a tweet following a meeting with China’s ambassador to Argentina, Zou Xiaoli, and business representatives, Massa said that paying for the imports in yuan would save Argentina around US$1.04bn in April and around US$790m per month from May. Massa said that the decision had been made in response to “the worst drought in our history [which] reduced our exports by US$15bn and made it challenging to maintain reserves to sustain the volume of imported inputs and goods that our key for the country’s level of activity and production”.
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LatinNews Daily - 27 April 2023
In brief: Argentina to pay for Chinese imports in yuan
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