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Excerpt from buenosairesherald.com
Argentina’s Central Bank renewed a US$5 billion tranche of the currency swap it has with its Chinese counterpart, US$3 billion of which matured in June and the rest in July. Now, Argentina will have to start paying the maturities in 2025 and over 2026.
Media reports cast doubt over the Argentine administration’s ability to renegotiate the swap, as President Javier Milei is facing a diplomatic row with China and Foreign Ministry Diana Mondino’s future in the cabinet is uncertain. If the government had failed to renew the deal, it would have had to pay US$5 billion between this month and the next.
The South American country’s monetary authority released a communiqué on Wednesday stating that, together with the Central Bank of the People’s Republic of China, it had renewed the swap for the next 12 months.
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