IN-DEPTH: Argentina Starts Allowing Bank Accounts in Chinese Yuan, But Locals Prefer Dollars

IN-DEPTH: Argentina Starts Allowing Bank Accounts in Chinese Yuan, But Locals Prefer Dollars
A Chinese yuan note in a file photo. Thomas White/Reuters
Autumn Spredemann
Updated:
0:00

The ongoing shortage of U.S. dollars in Argentina has reached a new milestone, and officials are taking drastic steps to refill depleted foreign currency coffers.

On June 29, Argentina’s Central Bank announced it would allow residents and businesses to hold accounts in China’s RMB yuan. The historic decision marks a departure from using solely the U.S. dollar as an official reserve currency.
Autumn Spredemann
Autumn Spredemann
Author
Autumn is a South America-based reporter covering primarily Latin American issues for The Epoch Times.
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