China, Argentina renew currency swap deal

China and Argentina have renewed their local currency swap agreement for another five years, underscoring continued financial cooperation between the two sides amid broader efforts to promote the use of local currencies in cross-border trade and investment.

Under the renewed agreement, the swap line amounts to 130 billion yuan ($19 billion) or 28 trillion Argentine pesos, the People's Bank of China, the country's central bank, said in a statement Thursday. The agreement may be extended upon mutual consent.

The central bank said the renewed swap arrangement will help further deepen financial cooperation between the two countries, facilitate bilateral economic and trade exchanges and safeguard the stability of financial markets.

The renewal extends the bilateral currency swap agreement signed in 2023, keeping the swap line unchanged at 130 billion yuan, while the peso equivalent was adjusted to reflect exchange rate movements.