Thursday, October 30, 2014

Argentina, China activate swap deal for u$s 814 million

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

The Argentine Central Bank (BCRA) and the Peoples Republic of China’s Central Bank have agreed to activate the swap deal signed in July.

The BCRA will receive the equivalent of u$s 814 million in yuans, and deposit the same amount in pesos in the Chinese Central Bank. The transaction has already been authorized by both financial entities.

“The BCRA has solicited the first installment of the swap deal signed, for u$s 814 million, authorized by the Chinese Central Bank today,” said the BCRA in a press release.

The bilateral currency swap deal was signed for a total amount of 11 billion dollars, to give “stability” to Argentina’s international reserves, Cabinet Chief Jorge Capitanich had said.