Illustration shows Chinese Yuan and U.S. dollar banknotes © Thomson Reuters
Reuters: Argentina to pay for Chinese imports in yuan rather than dollars
BUENOS AIRES (Reuters) -Argentina will start to pay for Chinese imports in yuan rather than dollars, the government announced Wednesday, a measure that aims to relieve the country's dwindling dollar reserves.
In April, it aims to pay around $1 billion of Chinese imports in yuan instead of dollars and thereafter around $790 million of monthly imports will be paid in yuan, a government statement said.
The decision aims to ease the outflow of dollars, Argentina's Economy minister Sergio Massa said during an event following a meeting with the Chinese ambassador, Zou Xiaoli, as well as with companies from various sectors.
Read more ....
WNU Editor: Argentina's decision to not use the US dollar follows a decision by Brazil a few weeks ago to do the same thing .... Brazil, China ditch US dollar for trade payments, favour yuan (News.com.au).
Argentina To Pay For Chinese Imports In Yuan Instead Of US Dollars
Argentina to use yuan to settle Chinese imports amid global de-dollarization push -- Global Times
Argentina to pay for Chinese imports in yuan instead of dollars -- Buenos Aires Times
First Brazil, now Argentina. Yuan trade deal ups ante to dethrone US dollar -- SCMP
Argentina will buy Chinese imports in yuan to preserve dollar reserves -- Market Insider
15 comments:
Enjoy the massive debt trap, Argentina.
Yep , but on the other side ,this is how a dam breaks. First little cracks then they get bigger then the whole shooting match goes
The endless cycle of massive western debt traps didn't seem to work out either.
Nobody ever can explain how doing business with China is a "debt trap" they just repeat the CIA talking point and move on self-satisfied that they understood a heckin economics.
And what Biden is doing? Sleeping, of course. Even the Zimbabwe is not afraid of America. And even if Biden is not reelected how much it will take for fixing the Country?
This did not happen under Trump. It happened under the brightest people in the room Biden and his coterie of idiots.
Dollars are coming home to roost.
Every trade relationship that de-dollarizes just results in more & more excess dollars reentering the domestic market -> Inflation spikes even further -> more countries then race to get their reserves out of the inflationary spiral -> inflation spikes again -> and on and on.
Slava
7:24 PM
"Massive western debt traps"? Please do name them.
Ask Pakistan, Angola, Ethiopia, Keny, Sri Lanka how their friendly financial relationship is with China. Any time you hear the term, "Belt and Road", it means the subjugation of vulnerable nations to China.
I'm sure you believe that, because your western lifestyle is dependent on the rape of those countries, who are now choosing to free themselves of IMF/World Bank imposed austerity policies. China doesn't force political or financial "reform" on the countries that it invests in; that would be us historically doing that. The Chinese also insist on providing infrastructure projects instead of just handing over huge cash loans directly to the local ruling elites, so they can steal and siphon it away to their western bank accounts.
Why don't you tell me what exactly is so horrible about the financial relationships between China and those countries? Seems like the vampiric elite are just upset that they're losing the ability to use the submarine fleet to terrorize global trade when things start hitting the fan.
Working Paper 2020: Debt Relief with Chinese Characteristics
In this working paper, we draw on data from the China
Africa Research Initiative (CARI) to review evidence on China’s
debt cancellation and restructuring in Africa, in comparative
and historical perspective. Cases from Sri Lanka, Iraq,
Zimbabwe, Ethiopia, Angola, and the Republic of Congo,
among others, point to debt relief patterns with distinctly
Chinese characteristics. In nearly all cases, China has only
offered debt write-offs for zero-interest loans. Our study found
that between 2000 and 2019, China has cancelled at least US$
3.4 billion of debt in Africa. We found that China has restructured or
refinanced approximately US$ 15 billion of debt in Africa
between 2000 and 2019. We found no “asset seizures” and
despite contract clauses requiring arbitration, no evidence of
the use of courts to enforce payments, or application of penalty
interest rates.
The Atlantic: The Chinese ‘Debt Trap’ Is a Myth. The narrative wrongfully portrays both Beijing and the developing countries it deals with.
Nevermind save the calories. Turns out you're full of shit.
Nice Leftist talking points there. //Citing the Atlantic really proves your argument.
My "western lifestyle is dependent on the rape of these countries". Um, no. And the US does not control the IMF or the World Bank. It's China who is raping these countries. Every lithium mine in Africa and South America in controlled by China. Ever seen one? - it's rape defined. China's dam projects are devastating the three largest rivers. The Yangtze, Nile and Amazon are being diverted to produce wealth for China and the "Elites" in those countries.
So you can toss your insults, or you can come up with a valid argument.
RussInSoCalApril 27, 2023 at 4:37 PM is brain damaged.
LOL - I guess you went with option one.
https://youtu.be/8fM_oVXJ-10
https://youtu.be/1r0QHlaokiI
Jac go and replace Biden
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