Argentina’s Government Accuses Chinese Bank of Driving Peso Drop
Industrial and Commercial Bank of China headquarters in Buenos Aires. An ICBC spokesperson said the company has operated in Argentina for many years in compliance with regulations and will continue to support the country’s growth.
Photographer: Sarah Pabst/BloombergA top official in Argentine President Javier Milei’s government said a Chinese bank deliberately pushed down the peso’s value on Monday, taking advantage of thin liquidity in the foreign-exchange market that day.
“On Monday, during two hours with just $30 million, a Chinese bank tried to move up the dollar’s price and made the peso go up by 40 against the dollar on a very small volume,” Finance Secretary Pablo Quirno said in an interview with local TV channel A24. “That happens because of illiquidity in the market,” he added.