Buenos Aires [Argentina], July 1: The Central Bank of Argentina has announced it will allow financial institutions to use the Chinese yuan, or renminbi, as a currency for collecting deposits by individuals and legal entities.
According to a statement released Thursday, financial institutions will be able to open both checking and savings accounts denominated in the Chinese currency.
The central bank indicated that "the measure is complementary to the decision of the National Securities Commission (CNV), which enabled the negotiation of negotiable securities in yuan" in the local financial market.
At the beginning of June, the CNV said it would support the development of financial operations in the Chinese currency, specifically in the spot and futures markets.
The central bank's announcement came on the same day as a statement by the government regarding the payment of an International Monetary Fund debt maturity with Special Drawing Rights and freely available yuan.
Source: Xinhua
