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Argentina Gets Reserves Boost From China Currency Swap

Argentina’s Central Bank reserves are set to rise after receiving the first installment of yuan as part of a three-year, $11 billion currency swap agreement with the People’s Bank of China.

The central bank received the equivalent of $814 million in yuan today and sent the same amount in Argentine pesos, according to an e-mailed statement. Any funds disbursed must be returned within 12 months, according to the agreement that was signed between the two nations in July.