Argentine Economy Minister Sergio Massa revealed Argentina's intention to pay for its Chinese imports in yuan instead of US dollars, in order to reduce the depletion of its foreign currency reserves.
Massa said during a meeting in Buenos Aires with Chinese Ambassador Zhou Xiaoli that "Argentina will program part of its imports in yuan (equal) more than a billion dollars next month," adding "This mechanism will replace the use of Argentina's diminishing dollar reserves."
The peso was priced at 227 against the dollar in the exchange market but saw a further decline in the "blue market", a market where there is little or no competition.
Source (Al-Rai Kuwait's Newspaper, Edited)
