China Lets Argentina Tap Extra $6.5 Billion From Swap Line

Second tranche activated during South American leader’s visit
Fernandez says government can now intervene in FX market

Alberto Fernandez, Argentina’s president, speaks during the opening ceremony at the Belt and Road Forum in Beijing on Oct. 18.Photographer: Qilai Shen/Bloomberg

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By Manuela Tobias

October 18, 2023 at 12:39 PM UTC

Updated on

October 18, 2023 at 2:58 PM UTC

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The People’s Bank of China made available $6.5 billion to Argentina from a currency swap line the countries share, President Alberto Fernandez announced Wednesday after meeting with President Xi Jinping in Beijing.

The move comes right before Argentina’s presidential election Sunday as political uncertainty roils markets and the peso’s parallel exchange rate sells off. Fernandez said he originally requested $5 billion, and Xi granted an additional $1.5 billion.