November 16, 2022 |
Argentine President Alberto Fernández said Tuesday that China has approved a $5 billion increase in a currency swap line for the South American country, a key for bolstering its foreign currency reserves to protect the local currency against depreciation.
Fernández announced the deal in a press conference after meeting with President Xi Jinping of China during the G20 summit in Indonesia.
"We had a good meeting," he said. "President Xi explained to me that it was an absolute exception that China
Additional $5 bln will help the South American government shore up sagging central bank reserves