Argentina will pay for Chinese imports in yuan instead of dollars to preserve its shrinking greenback reserves
Argentina will start buying the bulk of its Chinese imports in yuan instead of dollars, as it seeks to preserve its shrinking supply of greenbacks, the nation's economy minister said on Wednesday,"Following the worst drought in history, Argentina must keep its reserves robust," Sergio Massa said, per Anadolu Agency.
The South American nation will aim to buy around $1 billion of Chinese imports in April using yuan. After that, it hopes to pay for around $790 million of monthly imports in the Chinese currency. Argentina is making the move because a crippling drought has led to a plunge in its agricultural exports. That has reduced the amount of greenbacks coming into the country, spurring officials to protect their dwindling dollar reserves.
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