Argentina has signed a deal to renew its currency swap line with China and double the amount it can access to near $10 billion, the South American country’s central bank said in a statement on Friday, a boost to its dwindling foreign currency reserves.
The bank said that the two countries had agreed to renew the total 130 billion yuan ($18.4 billion) swap line for three more years, and eventually double the freely accessible part of the swap from 35 billion yuan to 70 billion yuan ($9.9 billion).
“The procedure has begun to increase the usable amount by another 35 billion yuan,” Argentina’s central bank said following a meeting between officials in Beijing.
Read More : Argentina Boosts Currency Swap Access with China, Reaching $10 Billion