Abstract

BRENTA, Noemí  and  LARRALDE, Juan. The Renminbi internationalization and the Argentina-China bilateral swap agreements, 2009-2018. Ciclos hist. econ. soc. [online]. 2018, vol.29, n.51, pp.1-20. ISSN 1851-3735.

The renminbi has been through a long process of internationalization that's still going on today, where multilateral and bilateral swap agreements are relevant tools; this process accelerated when the global crisis deepened in 2009. In this context, and within the framework of the strategic partnership between China and Argentina, its central banks signed three bilateral agreements of currency swap in 2009, 2014 and 2017, a supplementary agreement on december 16th, 2015 and another one in 2018, which doubled its amount but conditioned it to accomplish the IMF stand by agreement. Unlike almost all of China's currency swaps with other countries and regions, Argentina activated it several times to strengthen its international reserves, of which Chinese swap resources accounted for more than a third in certain times.This structural change of Central Bank reserves is in line with strengtening bilateral relations, but it is neutralized when the currency swap agreement became linked to the stand by agreement of IMF with Argentina. This article contextualizes and analyzes the currency swap agreements between the central banks of Argentina and China, their signing, renewal, utilization and widening, as a specific case of renminbi internationalization.

Keywords : Argentina, China, renminbi internationalization, currency swaps. .

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