China Allows Argentina to Spend Up to $10 Billion of Currency Swap Line

PBOC officials approved CNY70B ($9.89B) for operative use
Argentine minister met Chinese central bank chief in Beijing

Economy Minister Sergio Massa, from left, PBOC Governor Yi Gang, Argentine Central Bank President Miguel Pesce and Argentine Ambassador to China Gustavo Sabino Vaca Narvaja meet at the PBOC during a trip to China.Source: Argentina Economy Ministry

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Patrick Gillespie

June 2, 2023 at 2:18 PM UTC

This article is for subscribers only.

China will allow Argentina to freely spend more of a 130 billion yuan currency swap line the nations share after leaders met Friday in Beijing.

Chinese officials approved Argentina tapping up to 70 billion yuan ($9.89 billion) of the swap line, up from a previous limit of about 35 billion yuan, according to a central bank statement. That gives Economy Minister Sergio Massa more breathing room to battle a peso selloff that’s helping to fuel 100% inflation in cash-strapped Argentina before a presidential election later this year.