Monday, September 21, 2015

China approves new agreement with Argentina for bi-lateral trade in own currencies

Argentina has gone through extreme economic turmoil over the past few years, including a default on their sovereign bond obligations that has put their nation in financial extremes that are even affecting their political system.  But like Iceland, who chose to suffer a short term recession in exchange for punishing the bankers who created their financial crisis, the country may now be looking for new ways to get out from under the Western backed monetary system of control.
On Sept. 20, China authorized the creation of a Yuan swap-line agreement with Argentina which will facilitate direct bi-lateral trade between the two countries using the RMB instead of the dollar.

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