New action! Repayment of 2.7 billion US dollars in foreign debt in RMB, media reports | Argentina | RMB
Argentina's First Use of RMB to Repay Foreign Debts: Avoiding Default Risks and Promoting Bilateral Trade
According to Argentine media reports, on June 30th local time, Argentina used the International Monetary Fund's Special Drawing Rights and RMB settlement methods to repay the International Monetary Fund's $2.7 billion foreign debt due on that day. This is the first time Argentina has used the Chinese yuan to repay its external debt. In response, Juan Manuel Canavalle, a professor at the University of El Salvador in Argentina, stated in an interview with CCTV reporters that using the renminbi helps Argentina avoid default risks and can promote economic and trade exchanges between the two countries.
Juan Manuel Cannavale, a professor at the University of El Salvador in Argentina, said that using Chinese yuan for payment not only helps Argentina avoid the risk of international default, but also promotes economic and trade exchanges between the two countries. Argentine companies need to import a large amount of goods, and the vast majority of these goods come from China.
Kanawale stated that the increasing influence of the renminbi in Latin America reflects China's important role in global development and is also an ideal choice for cooperating with other countries.
Juan Manuel Canavalle, a professor at the University of El Salvador in Argentina: China constantly produces and sells a large amount of goods, and countries that trade with China need to use a more convenient currency, which is the Chinese yuan. In addition, China's influence in the region is constantly expanding, and China is doing something that other countries will not do, which is to provide financing assistance for the development of countries in the region.