The International Monetary Fund has accepted Argentina’s recent payment of $1.1 billion of its debt to the organization in the form of Chinese yuan rather than United States dollars .
IMF spokesperson Julie Kozack confirmed on Thursday, July 13, that Argentina paid the IMF in Chinese yuan worth the equivalent of $1.1 billion, with a further $1.7 billion of its matured debt to the IMF disbursed in Special Drawing Rights. (Related: DE-DOLLARIZATION: China now uses the yuan for cross-border transactions more than it uses the US dollar .)
SDRs are reserve assets made up of a basket of the world’s main currencies. It is considered the IMF’s main currency due to its role in maintaining the fund.”As we have stated in the past, the Argentine authorities continue to remain current on their financial obligations to the IMF,” said Kozack in a press briefing. “The renminbi is one of […]
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