*Argentina’s Economy Minister Luis Caputo has announced that the country’s central bank (BCRA) has renewed the activated portion of its currency swap line with the People’s Bank of China (PBoC) for another 12 months. The activated portion of the US$18bn swap line that Argentina holds with China was set to be wound down between June 2025 and June 2026 as per an agreement struck in June 2024, but will now remain fully available until the middle of 2026. Caputo stated this would allow the BCRA to reduce risks in its transition to a “consistent and sustainable monetary and exchange rate regime, in a challenging international context for external capital flows”. The announcement comes as US Treasury Secretary Scott Bessent is due to arrive in Buenos Aires on 14 April to meet President Javier Milei and Caputo as well as other members of Argentina’s government and business community. The renewal of the swap agreement also comes as Argentina has reached a preliminary agreement with the International Monetary Fund (IMF) on a new US$20bn loan, pending approval by the IMF’s executive board.
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