INSUBCONTINENT EXCLUSIVE:
signed a $9 billion currency swap deal to boost the crisis-stricken South American country's foreign currency reserves, its central bank
announced Sunday.Struggling to recover after a currency crisis earlier this year, Latin America's third largest economy sought the help of
the International Monetary Fund -- which approved a $56 billion loan package.Now, this latest agreement will "contribute to greater
financial stability and also facilitate trade" between China and Argentina, according to the bank's statement.A currency swap sees two
parties agree to exchange a certain amount of foreign currency at a pre-determined rate, protecting against fluctuations.Argentina's central
bank will be able to draw on these funds in an emergency.The agreement followed the G20 summit in Buenos Aires, as Chinese President Xi
Jinping was received by his Argentine counterpart Mauricio Macri for a state visit.The two countries signed 30 trade and financial
agreements in total."We are extending cooperation on economic, agricultural, financial and infrastructure issues," Xi told a press
exported $17 billion of goods to Argentina, while importing $8 billion of goods from that country.Beijing and Buenos Aires also agreed
another currency swap in 2014, which provided $11 billion for Argentina's depleted treasury reserves.(Except for the headline, this story
has not been edited by TheIndianSubcontinent staff and is published from a syndicated feed.)
