During the meeting with Fábrega, Xiaochuan expressed China’s support to Argentina in its legal battle against speculative funds in New York, a statement by the Central Bank said.

Sunday, September 7, 2014

Argentina, China seek to activate swap deal

Argentina''s Central Bank head Juan Carlos Fábrega meets with his Chinese counterpart Zhou Xiaochuan, in Basilea.

The president of the Argentine Central Bank Juan Carlos Fábrega met with his Chinese counterpart Zhou Xiaochuan in Basilea, Switzerland to finalize the details of the swap agreement signed between the two countries in July.

Fábrega and Xiaochuan discussed the mechanisms to activate the 11 billion dollar swap deal in several instalments. The officials met at the bimonthly meeting of the Bank for International Settlements (BIS), attended by 50 central bank heads from around the world.

The agreement has been praised by the government as a “tool to guarantee stability in Argentina’s reserves” in times when the Central Bank reserves total around 28,400 million dollars.

During the meeting with Fábrega, Xiaochuan expressed China’s support to Argentina in its legal battle against speculative funds in New York, a statement by the Central Bank said.