Following several currency swaps by which China has helped to support the Argentine central bank depleted international reserves, the administration of president Alberto Fernandez intensified relations with Beijing and a year ago allowed transactions between the two countries to be made in Yuan.Add your comment!
Argentina's top penal court of appeals Tuesday acquitted former President Cristina Fernández de Kirchner (2008-2015) and her aide Axel Kiciloff of all charges in the so-called future dollar case, because there had been no damage to the State, and that economic policy issues are not subject to prosecution.
The central bank of Argentina announced it will renew a currency cooperation agreement with the People's Bank of China to swap US$ 18.2 billion worth of each other's currencies next week, El Economista reported on Friday.
Another volatile week with still many uncertainties begins this Monday for Argentina even when some of the latest measures adopted by the administration of President Mauricio Macri helped to calm markets, debilitating apocalyptic forecasts.
Brazil’s central bank has denied any planning is underway to create a monetary union with Argentina, after a spokesman for the government in Buenos Aires said on Thursday it was the case.
Argentina’s peso rallied for a third straight day on Wednesday, after high-interest short-term debt issued by the central bank soaked up liquidity, a strategy that has raised concern about the sustainability of the country’s program.
The he Argentine peso climbed more than 4% on Monday trading on the back of a debt sale by the central bank aimed at mopping up excess liquidity and signs that the International Monetary Fund (IMF) is solidly behind the administration of president Mauricio Macri.
The International Monetary Fund Managing Director Christine Lagarde, speaking at a news conference in New York alongside Argentine Economy Minister Nicolas Dujovne, said IMF was “significantly frontloading” disbursements under the program adding the Argentine central bank had agreed as part of the deal to allow the peso currency to float freely and would only intervene in the foreign exchange market in extreme circumstances.
Argentine equities and the peso both lost ground on Monday as analysts said intervention in the foreign exchange market by the nation's central bank may prove less successful than originally hoped.
Argentina’s economy contracted 6.7% in June compared with the same month last year, and 1.3% compared with May, government statistics agency Indec said on Thursday. June was the third consecutive month of decline following 5.2% in May and 0.6% in April.