China and Argentina in currency swap / FT.com
By Jude Webber in Santiago
March 31 2009China, which is pushing to end the dominance of the dollar as a worldwide reserve, has agreed a Rmb70bn currency swap with Argentina that will allow it to receive renminbi instead of dollars for its exports to the Latin American country.
…An Argentine official confirmed a deal had been discussed and said the fine print was being worked out and negotiations were “very advanced”.
…China has suggested replacing the dollar with an enhanced version of the International Monetary Fund’s unit of account, the special drawing right or SDR. The dollar’s future as the world’s reserve currency will be on the G20 agenda.
read full article here… FT.com / Americas / Economy & Trade – China and Argentina in currency swap.
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