Argentina enhances deal with China; further diminishes role of the dollar

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Revelations 13:16-18 “Also it causes all, both small and great, both rich and poor, both free and slave, to be marked on the right hand or the forehead, so that no one can buy or sell unless he has the mark, that is, the name of the beast or the number of its name. This calls for wisdom: let the one who has understanding calculate the number of the beast, for it is the number of a man, and his number is 666.”

Important Takeaways:

  • Argentina Shuns U.S. Dollar: Will Pay for China Imports in Yuan
  • The measure, driven by Argentina’s leftist President Alberto Fernández, is designed to relieve the South American country’s dwindling dollar reserves, AP reports.
  • The deal further enhances China’s rise on the world stage and the diminished role of the U.S. on a host of fronts under President Joe Biden.
  • After reaching the agreement with various companies, Argentina will use the yuan for imports from China worth about U.S.$1.04 billion from next month, accelerating trade with China as Beijing seeks to gain a further foothold in South America.
  • In November last year Argentina expanded a currency swap with China by $5 billion in an effort to increase its yuan reserves.
  • It has also been working hard to build a relationship with Beijing after having officially joined China’s infrastructure-building Belt and Road Initiative (BRI) last year.

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