Argentina Renews $19 Billion China Currency Swap, Brushing Off Washington's Pressure The Argentine government has secured a 130 billion yuan currency swap extension with China, solidifying its position as one of the few countries in the region to maintain strong ties with Beijing despite growing US pressure.
The deal's renewal for an additional two years, until 2031, marks a significant departure from conventional wisdom that President Javier Milei would follow his predecessor and abrogate agreements with China.
The decision should be seen in context: last year, the US Treasury Department offered Argentina a rival facility as part of efforts to counter China's economic influence in Latin America.