China prolonged a currency swap agreement with Argentina

Almaty. July 20. Silkroadnews – China extended the currency swap agreement with Argentina, Xinhua news agency reported.
“China’s central bank Tuesday renewed a currency swap agreement with the Central Bank of Argentina. The agreement allows the two central banks to swap 70 billion yuan (10.4 billion U.S. dollars) for 175 billion Argentine pesos. The agreement is valid for three years and is extendable by mutual consent”, publication said on Thursday.
It is noted that in July 2014 China and Argentina signed an agreement on a 70-billion-yuan currency swap deal.
The swap agreement is reportedly allowing two institutions to exchange payments in one currency for equivalent amounts in another currency to facilitate bilateral trade settlements and provide liquidity support for the financial markets.
China is said to be Argentina’s second largest trading partner and the third largest partner in terms of foreign investments coming.