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Aug 17, 2018 | 17:13 GMT

1 min read

Argentina, China: Negotiations Advance Toward Expanding Currency Swap

What Happened: Negotiations between Argentina and China are moving toward expanding a currency swap between the two countries from $11 billion to $15 billion worth of currency, Clarin reported Aug. 16.

Why It Matters: Like its deal with the International Monetary Fund, the currency swap will strengthen Argentina's currency reserves, which are currently shrinking. The deal could also benefit the Argentine peso, which has struggled through 2018.

Background: Argentina and China signed a currency swap agreement in 2009 and renewed the deal for three additional years in 2017.

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