Argentina Steps Away from Greenback and Pays Chinese Imports with Yuan

The Argentinian government announced on Wednesday that it will start paying for Chinese imports in yuan currency instead of the usual dollars.

The move is to relieve Argentina’s outflow of dollar reserves as it faced a sharp decline in agricultural exports due to a historic drought.

Argentina is expected to pay around $1 billion worth of Chinese yuan for its imports and around $790 million of monthly imports will be paid in yuan thereafter.