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MercoPress, en Español

Montevideo, September 21st 2024 - 11:18 UTC

Tag: Yuan

  • Thursday, August 24th 2023 - 11:01 UTC

    Brazil's Finance Minister proposes trade with Argentina in yuan

    It will be good news if Argentina agrees, Haddad said

    Brazil's Finance Minister Fernando Haddad said Wednesday in Johannesburg during the 15th BRICS Summit that Argentina might finance its foreign trade with his country by using Chinese yuan instead of US dollars, Agência Brasil reported.

  • Friday, July 28th 2023 - 10:45 UTC

    Argentina: “Blue” dollar breaks another record

    The BCRA sold some 13 million yuan (around US$ 2 million).

    The so-called “blue” (a euphemism for “black market”) dollar in Argentina broke another record Thursday and closed at AR$ 553, it was reported in Buenos Aires. In some provinces such as Buenos Aires and Santa Fe the quotation went up to AR$558, according to local media.

  • Wednesday, July 5th 2023 - 10:32 UTC

    Bolivian leader in favor of switching from US dollars to yuan

    “Our region is seriously affected by the restrictions and regulations imposed by the US financial system,” Arce told the Mercosur summit

    Luis Arce Catacora, president of Bolivia, a Mercosur associate nation that has long been trying to become a full member of the bloc, said Tuesday during the 62nd Summit in Puerto Iguazú (Argentina) that it was time we “move[d] away from the [US] dollar to base ourselves on the [Chinese] yuan and strengthen our own currencies.”

  • Friday, June 30th 2023 - 10:28 UTC

    Argentina to pay the IMF with Chinese money

    Argentines will also be able to open bank accounts in yuan, the BCRA ruled

    Argentine authorities Thursday announced that ”the payment of 2.7 billion dollars to the IMF corresponding to the second quarter will be made, partly in Special Drawing Rights (SDR) of the Treasury and partly with yuan, without using Central Bank reserves.”

  • Wednesday, June 21st 2023 - 04:34 UTC

    Short of US dollars, Argentina advances towards trading and hoarding in Yuan

    The fact that imports from China are paid in Yuan rather than dollars should help Argentina mitigate the loss of reserves in its central bank

    Argentina is increasing its use of Yuan to pay for imports from China, following the renewal and expansion of a currency swap agreement with Beijing. The use of the Chinese currency in bilateral trade amounted to 1.075 billion Yuan (US$ 150.5 million) in May this year. In the first ten business days of June, transactions worth 2.045 billion yuan ($286.3 million) were recorded, according to the Central Bank of Argentina Argentine Central Bank’s report on June 15.

  • Monday, May 16th 2022 - 09:26 UTC

    Weighting SDR's currency basket, Dollar and Yuan up; Euro, Yen and Pound down

    In its first regular review of the IMF's SDR valuation, the Yuan share climbed from 10,92% to 12,28%

    IMF increased the Chinese Yuan's weighting in the Special Drawing Rights (SDR) currency basket to 12.28% from 10.92% in its first regular review of the SDR valuation since the Chinese currency was first included in the basket in 2016, the Chinese central bank, PCB, reported on Sunday.

  • Saturday, February 26th 2022 - 09:54 UTC

    Russia and China bilateral trade moving to the Yuan, gradually replacing the US dollar

    Yuan already accounts for over 17% of trade settlements between China and Russia and over 12% of Russia's central bank international reserves

    The Ukraine war which has impacted on Russian markets and particularly the plunge of the ruble, should not be a major cause of concern for China-Russia bilateral trade since a growing percentage of business is done with the Chinese currency Yuan, as the two countries move towards de-dollarization, according to financial circles in Beijing.

  • Saturday, October 16th 2021 - 09:15 UTC

    Argentina has become a Chinese Yuan testing ground in trade and investment

    Argentine exports to China in the first seven months of 2021 reached US$ 3,35bn, mostly grains and meats, while imports totaled a US$ 3,35bn surplus for Beijing

    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.

  • Tuesday, July 27th 2021 - 07:39 UTC

    Chinese currency takes third place in global trade

    The yuan's role as a reserve currency has also grown, with central banks of more than 70 countries having it in their reserve assets

    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.

  • Friday, October 2nd 2020 - 09:01 UTC

    Argentine central bank will promote Chinese Yuan for foreign trade negotiations

    The central bank said it would move to facilitate the purchase of Chinese Yuan against Argentine pesos for foreign trade operations.

    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.

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