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Politics : Welcome to Slider's Dugout
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To: SliderOnTheBlack who wrote (16607)3/30/2009 8:52:22 AM
From: Zincman3 Recommendations  Read Replies (1) of 50308
 
HONG KONG (MarketWatch) -- China and Argentina have agreed to set up a 70 billion yuan ($10.24 billion) currency swap system that will enable trade between the two nations to be settled in the Chinese currency, the state-run Xinhua News Agency reported Monday.
The agreement, the largest ever between China and a Latin-American country, was signed Sunday in Columbia, Xinhua reported.
The agreement marks Argentina as the fifth nation to sign currency swap agreements with China following similar agreements with South Korea, Malaysia, Belarus and Indonesia. China ranks as Argentina's second-largest trade partner.
Separately, China and Argentina are set to push for changes to the international financial system at the Group of 20 leader's summit in London this week, Xinhua reported.
The two nations will seek a bigger representation of emerging nations at reform talks. The report did not specify what reform issues would be discussed

marketwatch.com
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