RMB Account Business Can Be Opened in Argentina
Recently, Internationalization of the Renminbi has been spreading good news. Following Argentina's announcement of RMB settlement on April 26, the central bank of Argentina made another major move to approve domestic banking institutions to open RMB a savings account and a current account.
Argentine Central Bank approves the opening of RMB domestic account. Bilateral exchange of local currencies between China and Albania will provide liquidity for the Argentine financial sector.
Argentina plans to use RMB settlement method to pay due foreign exchange.The Minister of Economy of Economy of Argentina announced that his country was considering repaying part of its foreign debt due at the end of this month in the form of RMB settlement. This will be the first time Argentina has used the Chinese yuan to pay its foreign debt.
Record breaking RMB transactions required by over 500 companies. In Argentina, the use of the Chinese yuan has become the norm for businesses. According to the data of Argentine customs authorities, more than 500 Argentine companies have requested to pay for imports in RMB, including electronic products, auto parts and textile manufacturers, as well as oil and mining companies.
