The Government will activate a new tranche of the agreement coin exchange with China to start paying in the coming months for a series of imports directly with yuan, in such a way that avoid using dollars of the Central Bank. As estimated by the Ministry of Economy, it will be a matter of purchases from that country in May for a little more than $1.07 billion.
The economic team made progress in recent days with the People’s Bank of China with a new stretch of swap with renmimbithe currency of that country, with which imports from that origin will be paid.
The economic team has made progress in recent days with the Banco Popular China with a new tranche of the swap with the renminbi, the currency of that country, with which imports from that origin will be paid
As reported by the economic team, inspections carried out by Customs in recent weeks detected re-invoicing operations from Uruguay and from Europe, in such a way that avoid paying abroad with yuan and thus be able to access dollars avoiding the use of renminbi. Precisely, the use of yuan was one of the objectives of the extension of the exchange of currencies with China to alleviate demand other currencies, particularly the dollar.
From the start of customs inspections, the import request monitor, the SIRA system that is managed by AFIP, the Ministry of Commerce and the Central Bank, a yuan utilization growth for the payment of imports from China itself. That number was multiplied by eight (that is, increased by 700%). “Only so far in April have SIRAs been authorized in yuan for the equivalent of $217 millionagainst USD 29 million in January ”, specify the official data.
In the same way, the number of SIRA procedures in yuan also increased, which went from 206 in January to 325 in February, 388 in March and 517 in April, accumulating 1,436 procedures so far this year. So far in 2023, 4,803 destinations for USD 287,781,648 of imports of goods manufactured in China and remanufactured from European countries were analyzed.
According to estimates in Economy, it will be a matter of purchases from that country in May for just over USD 1,070 million. In the coming months there will be a minimum of purchases from that country paid in yuan for a value equal to some USD 790 million per month.
Put into numbers, the new tranche of the swap that will be announced this Wednesday by the Ministry of Economy will imply the import payment with yuan for an equivalent to $1.07 billion for May, and that in the coming months there is a minimum of purchases from that country paid in yuan for a value equal to about USD 790 million monthly.
Keep reading:
