Argentina will pay for Chinese imports in yuan instead of dollars, according to an announcement by the Argentine government on Wednesday, APA reports citing Teletrader.
The controversial move comes at a time when the country is struggling with critical levels of dollar reserves, a historic drought, and a political crisis ahead of this year’s elections.
Argentina’s Economy Minister, Sergio Massa, stated that the decision aims to alleviate the outflow of dollars. In addition, the agreement would also make it possible for the country to “work on the possibility” of speeding up the pace of imports.
