Chinese loan to Argentina is expected in November

10.19.2014

A multibillion-dollar currency swap between Argentina and China will launch in November, bolstering the South American country's diminished foreign reserves, the central bank chief was quoted as saying in a local paper on Sunday.

The swap will permit Argentina to either pay for Chinese imports with the yuan currency or reinforce its hard currency reserves, which have fallen by more than 30 percent this year.

It is part of a loan worth a total $11 billion signed by Argentina's President Cristina Fernandez and her Chinese counterpart in July, shortly before the Latin American nation defaulted on its debt for the second time in 12 years.

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