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Potential of Argentina-China ties "limitless," says HSBC official

Xinhua, October 1, 2016 Adjust font size:

Ties between Argentina and China have "limitless" potential, director of foreign trade at HSBC Argentina, Juan Pablo Scasserra, has said.

"In recent times, China has become one of the country's principal strategic partners, the potential is limitless," Scasserra said in an interview included in Friday's edition of Argentina's financial publication Cronista Comercial.

The interview was published in a supplement put out by the Argentine-China Chamber of Commerce called "Orientar."

"HSBC is betting strongly on the Argentina-China trade corridor," said Scasserra. "The bank has very ambitious targets for growth and gaining market share in foreign trade financing, transactions and payments, offering Argentine companies the opportunity to do business in China with our consulting."

Since 2011, HSBC Argentina has carried out more than 1,500 foreign trade transactions amounting to some 500 million yuan (75 million U.S. dollars).

"Carrying out operations in RMB allows Argentine exporters or importers negotiate better terms with their Chinese counterparts, among other benefits," said the HSBC official.

The yuan's inclusion among the world's reserve currencies, those accepted by the International Monetary Fund (IMF) for international transactions, is a positive development, said Scasserra.

"It's good news for both the financial system and the (international) market in general. Using the currency of the Asian giant in these areas allows greater diversification of financial transactions and the development of new products, as well as allowing banks to be more versatile," he said.

A leading agricultural exporter, Argentina established diplomatic ties with China in 1972. The Asian country is today its second-largest trade partner. Endit