Sputnik International
By Svetlana Ekimenko
Argentina’s shift to the yuan instead of the US dollar in trade with China after Brazil also effected such a swap is part of a trend fueled by trust in the Chinese currency and a desire to step away from the volatility that the US dollar is infused with, the director of China’s Institute for Globalization and Modernization said.
Argentina’s use of the yuan to pay for imports from China will undoubtedly further deepen bilateral relations, as it brings mutual benefits for both sides at a time when global confidence in the dollar and the euro has been waning, Wang Zhimin, director of China’s Institute for Globalization and Modernization, told Sputnik. He touted the currency swap’s ability to expand cooperation between Beijing and Buenos Aires.