Argentina and China to Swap Currencies
April 2nd, 2009 Posted in businessWritten by Jamie
As reported by BBC News and the Wall Street Journal, Argentina and China have agreed to swap 10 billion dollars in currency over the next 3 years.
This is the first Latin American country that China has swapped currencies with. China has already done similar exchanges with Belarus, Indonesia, Malaysia and South Korea.
While I am no economist, one would assume that the move is being done at least in part to distance both countries from the US Dollar. Perhaps both countries don’t share the same current stimulus views of my old country?
Update can now be found here.
