Argentina to get $1bn in currency swap with China before end of 2014

Argentina to get $1bn in currency swap with China before end of 2014

Argentina will receive the first tranche of yuan worth up to $1 billion in a massive currency swap with China before the end of this year. The deal will boost the troubled economy’s foreign reserves.

It comes as part of a loan worth $11 billion signed in July by Argentina’s President Cristina Fernandez de Kirchner and Chinese counterpart Xi Jinping during hisLatin America tour– shortly before the country fell into its second default in 12 years.

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