Massa announced that imports from China will stop paying in dollars and will go to yuan

Economy Minister Sergio Massa announced that he will implement a system of authorization of imports with shorter terms and that they will be paid directly with yuan. In this way, the Government will avoid the use of dollars to finance these purchases abroad. “We had to intervene against those who overspeculated, this is going to give us more freedom,” Massa said after the dollar fell on Wednesday in the foreign exchange market after Tuesday’s rally that took it to $497. After an agreement with different companies, we rescheduled the payment instrument for more than US $ 1,040 million for this month of imports originating in China, which stop weighing on the outflow of our dollars and become part of the outflow of yuan, “said Massa together with the Chinese ambassador to Argentina, Zou Xiaoli and a group of officials, including Central Bank President Miguel Pesce, Economic Policy Secretary Gabriel Rubinstein, Commerce Secretary Matias Tombolini and Customs Minister Guillermo Michel. In turn, the head of the Economy Ministry, said that the instrument “also allows us for the coming months to work on the possibility of advancing the pace of imports, the vast majority of these authorizations were worked at 180 days and with the yuan they work at 90 days, and to schedule a volume of imports in yuan for more than US $ 1,000 million starting next month, that replace the use of Argentine dollars.” It adds to our ability to function from the Central Bank, in these days where we had to make the decision to intervene against those who thought we did not have economic capacity as a state, speculated and overspeculated,” he said. He also said that “in some way it also allows us to maintain the level of activity, the volume of imports, the pace of trade between Argentina and China, and the levels of economic functioning that Argentina needs,” while allowing “greater strength for reserves” and “greater capacity for State intervention.”

Original source in Spanish