Argentina Taps China Currency Swap Line to Help Repay IMF Loan

Argentina has struck a deal with China’s central bank to settle more than half of its $2.7 billion debt due this week to the International Monetary Fund (IMF) in yuan by tapping a currency swap line, its economy minister said on Monday.

The government used yuan equivalent to $1.7 billion under the swap arrangement with the People’s Bank of China (PBOC) to repay part of the $2.7 billion due to the IMF, Sergio Tomás Massa said during a speech.