Argentina announces renminbi allowance in banking system

Argentina's central bank announced on Thursday that it will accept renminbi as the currency allowed for deposits and withdrawals in the Argentine banking system.

Meanwhile, Argentine financial entities are allowed to start yuan-denominated savings and time deposit businesses.

The measures are aimed to facilitate the use of RMB in trade and financial activities in the Argentine market, said the country's central bank in a statement.

The latest move is complementary to the decision announced by Argentina's National Securities Commission on Monday to issue yuan-denominated securities in the country, the central bank said.

At the beginning of June, the People's Bank of China and Argentina's central bank renewed their bilateral currency swap agreement with a size of 130 billion yuan ($18 billion)/4.5 trillion Argentine pesos ($18 billion). The agreement is valid for three years.

shijing@chinadaily.com.cn