Argentina to shift from dollar to renminbi for import settlement from China

Argentina will shift from the dollar to the renminbi for all settlements of imports from China starting from May, a move that will help Argentina strengthen its foreign exchange reserves and boost bilateral trade, said a statement published by China's embassy in Argentina on Thursday.

The government of Argentina has decided to more actively use the currency swap with China, which may help Argentina save foreign exchange expenses worth about $4.4 billion in the coming months, the embassy's official WeChat account said in a statement, quoting Argentina's Economy Minister Sergio Massa.

Supportive of Argentina's efforts to maintain economic and financial stability, China is willing to engage in closer local currency swap cooperation with Argentina and facilitate the renminbi clearing banks' functioning in Argentina, said Zou Xiaoli, Chinese ambassador to Argentina.

The statement added that the time it takes for Argentina to approve imports from China will be shortened from 180 days to 90 days.