Argentina renews US$19 billion China currency swap, brushing off Washington’s pressure

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Argentina has renewed a US$19 billion currency swap agreement with China for another five years, extending the lifeline to 2031 despite pressure from the United States to end the deal. The central banks of Argentina and China finalized the extension just before the previous deal expired, marking a strategic financial partnership extension.

Argentina has renewed its currency swap with China for five years, preserving a US$19 billion lifeline that Washington spent more than a year pressing it to give up. The Argentine central bank and the People’s Bank of China (PBOC) signed the extension of the 130 billion yuan line on Wednesday, a day before the existing deal was due to expire. The new term runs to 2031, two years longer than any previous renewal since the two countries first signed it in 2009. The decision ends months of...