Following this, around $790 million of monthly imports will be paid in yuan. The government of Argentina has announced that it will switch from paying for Chinese imports in dollars to yuan in an effort to alleviate the country’s dwindling dollar reserves.
According to a government statement, in April, around $1 billion of Chinese imports will be paid in yuan, and thereafter, approximately $790 million of monthly imports will be paid in yuan.
During an event with the Chinese ambassador and representatives from various sectors, Argentina’s Economy Minister, Sergio Massa, stated that this decision aims to ease the outflow of dollars.
The move comes at a time when the country is facing a critical shortage of dollars due to a significant drop in agricultural exports caused by a severe drought and political uncertainty in the lead-up to this year’s elections.
