RMB Clearing Bank Service in Argentina Was Launched

On November 8, the launching ceremony of the Argentine RMB clearing bank was held in Buenos Aires. RMB has become an important part of Argentina’s foreign exchange reserves. It means that Chinese and Argentine companies and financial institutions can use RMB directly for cross-border transactions. It will further promote trade and investment in Argentina and throughout Latin America.

Argentina’s central bank governor Pesce said that the launch of RMB clearing bank services is very important to Argentina’s economic development. It facilitates cross-border transactions between China and Argentina without a third currency. This is very important for Argentina’s domestic economy, and it will also attract more Chinese companies to invest in Argentina.

At present, there are at least 28 countries all over the world that can directly use RMB for international settlement. These countries mainly include Vietnam, Mongolia, Laos, Nepal, Russia, Kyrgyzstan, North Korea, Kazakhstan, South Korea, the United Kingdom, Canada, Germany, and other countries.

As an experienced exporter, Wanzhi Steel has many clients from Argentina. This is good news for both parties. Hope to have more cooperation with customers in Argentina and South America in the future.