The BCRA and the PBC Renew the Active Tranche of the Swap Agreement

The People’s Bank of China (PBC) and the BCRA have renewed the whole active tranche of the bilateral swap agreement for CNY35,000 million (equivalent to USD5,000 million) for an additional 12-month term.

The activation of this tranche—which started in 2023 and would be gradually reduced from June 2025—will remain fully available to the BCRA until mid-2026. This agreement will allow the BCRA to reduce risks in its transition towards a sound and sustainable monetary and exchange rate regime in a challenging international context for foreign capital flows.

April 10, 2025