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!
The Chinese yuan has taken third place among internationally-traded currencies in 2020, according to a Renmin University of China report released over the weekend, which also foresees it may continue to expand.
Argentina's central bank said on Thursday that it would allow a managed float of the peso currency and abandon its current uniform daily devaluation strategy as it seeks to adapt its monetary policy amid sharpening economic turmoil.
U.S. President Donald Trump on Monday revealed he was rebuffed when he asked officials to adjust the exchange rate of the dollar to counteract what he described as repeated currency manipulation by China of its Yuan.
Investors erased US$ 393 billion from China’s benchmark stock index on Monday, sold the Yuan and dumped commodities as fears about the spreading coronavirus and its economic impact drove selling on the first day of trade in China since the Lunar New Year.
There are many factors that affect the value of currencies and influence the flow of foreign exchange, but few have a more significant impact than a trade war.
Asian shares steadied slightly on Wednesday as investors caught their breath from a searing week-long selloff, with steps taken by Chinese authorities to contain a sliding Yuan helping calm fears of a full-blown Sino-U.S. trade and currency war.
World stock markets plunged on Monday as Beijing parried US President Donald Trump's latest tariff announcements by moving to let China's Yuan currency devalue and halting purchases of US agricultural products.
Federal Reserve Chair Jerome Powell, who last week cut U.S. interest rates as an insurance policy against the effects of simmering trade tensions, may need to buy more coverage after the United States late on Monday designated China a currency manipulator.
Chinese President Xi Jinping vowed Friday (Apr 26) to abolish subsidies to firms that impede fair competition - addressing a major bone of contention in US trade talks. Xi repeated past promises to lower tariffs, increase imports and open up more sectors of China's economy to foreign businesses.