Argentina Ditches Dollar to Pay Yuan for China Imports

Argentina will start paying for Chinese imports using yuan rather than U.S. dollars in a move to preserve the country's dwindling American currency reserves, the government said Wednesday.

After reaching agreements with various companies, the South American country will pay for more than $1 billion of Chinese imports in yuan in April and an additional $790 million to $1 billion of imports starting next month, Economy Minister Sergio Massa said at a meeting in Buenos Aires with Chinese Ambassador Zou Xiaoli.