Argentina signs MOU aimed at trading in Chinese renminbi

September 17, 2015 5:53 PM

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BUENOS AIRES, Sept 17 Argentina on Thursday took a step toward trading with China using the renminbi currency of the Asian economic powerhouse, its central bank said, part of a strategy to ease its reliance on its low dollar reserves.

Facing a dollar shortage, the South American country last year signed a currency swap deal with China worth up to the equivalent of $11 billion to strengthen reserves and pay for Chinese imports.

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