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Argentina's central bank said it has renewed its 130 billion yuan currency swap line with China for three more years. The freely accessible portion will double from 35 billion yuan to 70 billion yuan, about $9.9 billion.
The move is aimed at boosting the country's dwindling foreign currency reserves.
Extra dollar liquidity can ease near-term pressure on the peso and support Argentine exporters' ability to keep selling soy and corn. The effect on feed commodity prices is likely modest, since it addresses reserves rather than supply.
reuters.comEliana RaszewskiJun 2, 2023Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
