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RMB as reserve currency to strengthen Sino-Argentina economic ties: expert

Xinhua, September 28, 2015 Adjust font size:

Investments from China to Argentina will clearly become easier if the Chinese renminbi (RMB) becomes an international reserve currency, Argentinean expert Gustavo Girado said on Friday.

In an interview with Xinhua, the founder of the Asia and Argentina consultancy said that the RMB as a reserve currency would help China and Argentina deepen bilateral commercial and trade relationship and bring new opportunities for the two countries.

China's central bank authorized the Industrial and Commercial Bank of China (ICBC) to become a clearing bank for RMB transactions in Argentina on Sept. 18.

In Girado's view, this move would be a boon "at a time when Argentina is facing financial restrictions due to economic problems. The country is dependent on foreign currency to continue its development."

To fulfill its role as a clearing bank in Argentina, the ICBC will build its regional network of banks to "become an even more important financial center for Latin America," he predicted.

"The shortage of (foreign) currency is a problem for Argentina," said Girado.

"Being able to use our own currencies for bilateral trade will be a good argument to further strengthen the strategic relationship" between Argentina and China, he added. Endi