The People’s Bank of China (PBoC) and the Central Bank of Argentina (in Spanish, BCRA) signed a renewal of their bilateral currency swap agreement for a total amount of RMB130 billion (approximately US$13 billion).
Unlike previous agreements, the new deal extends the maturity of the swap from three to five years. According to the official announcement, the longer term is intended to provide “greater predictability regarding the continuity of this instrument.”
The activated RMB35 billion tranche (approximately US$5 billion), first drawn at the beginning of 2023, will remain in effect.
“Its purpose is to support financial stability in Argentina and promote trade and investment between the two countries,” the BCRA said.
The monetary organism, headed by Santiago Bausili, added: “The renewal of the agreements reinforces the close cooperation between our two institutions and the excellent relationship they have maintained over the 17 years since the first agreement.”
