Argentina and China Renew $19 Billion Currency Swap for Five Years
The Central Bank of Argentina and the People's Bank of China have extended their currency swap agreement, worth approximately $19 billion, for five years. The renewal, announced on 5 August 2026, covers the entire swap facility, including about $5 billion activated since 2023. Previously renewed every three years, the longer term aims to bolster Argentina's financial stability, support bilateral trade and investment, and build on cooperation since the first agreement in 2009. The move helps Argentina manage foreign exchange shortages and debt repayments.
The Central Bank of Argentina and the People's Bank of China have extended by five years a currency swap agreement worth approximately $19 billion. The renewal, announced by the Argentine central bank on 5 August 2026, covers the entire swap facility, of which about $5 billion has been in use since 2023. Each previous renewal lasted three years; this extension runs for five years, aiming to strengthen Argentina's financial stability, support trade and investment between the two countries, and consolidate the partnership that began with the first agreement in 2009.
Argentina has long faced foreign exchange shortages and has defaulted on its debt on multiple occasions. The renewal helps maintain currency stability and service external debt.
Argentine central bank governor Bausili met with People's Bank of China governor Pan Gongsheng at a seminar in June 2026, confirming the intention to renew. This extension is the latest step in the bilateral relationship since the first agreement in 2009, intended to safeguard Argentina's foreign exchange reserves and support bilateral trade and investment.