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Argentina taps China currency swap line to help repay IMF loan

Buenos Aires uses $1.7bn in yuan amid a severe outflow of forex reserves

Argentina, which has been building closer economic and financial ties with China, is turning to the yuan amid a severe outflow of forex reserves.   © Reuters

Argentina has struck a deal with China's central bank to settle more than half of its $2.7 billion debt due this week to the International Monetary Fund in yuan by tapping a currency swap line, its economy minister said on Monday.

The government used yuan equivalent to $1.7 billion under the swap arrangement with the People's Bank of China (PBOC) to repay part of the $2.7 billion due to the IMF, Sergio Tomas Massa said during a speech.

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