The BCRA Renews and Extends the Currency Swap Agreement with China

The President of the BCRA, Miguel Ángel Pesce, signed an early renewal of the swap agreement for CNY130 billion for a three-year term.

Moreover, the procedure for increasing the amount of use for another CNY35 billion is under way. The funds so increased will be available once the first tranche of the extension for commercial exchange between both countries is completed and the parties come to an agreement. This will increase the amount available for use from CNY35 billion to CNY70 billion.

The President of the BCRA, Miguel Ángel Pesce, signed the agreement after having held a meeting with the President of the PBoC, Yi Gang, in Beijing. The Minister of Economy, Sergio Massa, the Argentine ambassador in Beijing, Sabino Vaca Narvaja, and the Secretary for International Economic and Financial Affairs, Marco Lavagna, attended the meeting.

The first agreement between both central banks was entered into in 2009. The second agreement was entered into in 2014, renewed in 2017, and supplemented with an additional agreement by the end of 2018. The currency swap agreement was signed in August 2020 and is now being renewed.

June 2, 2023