Argentina, China agree to currency swap at G20 summit

BUENOS AIRES

Argentina and China announced a $5 billion currency exchange on the sidelines of the G20 summit, according to a statement by the Argentina president's office.

The meeting in Bali, Indonesia addressed commercial and economic ties, focusing on energy and food security.

President Alberto Fernandez wrote on Twitter that he "had a very good bilateral meeting with the President of the People's Republic of China, Xi Jinping" with a handshake emoji between the Argentine and Chinese flags. "As defenders of multilateralism, we share the conviction of building a fairer world in which development includes all people.”

Argentina had been pushing "for several months" for the currency swap, according to the statement

Fernandez described the swap as "great news that we profoundly appreciate."

Economy Minister Sergio Massa announced that the $5 billion will help strengthen Argentina's Central Bank and the country's currency, according to a statement.

The meeting follows the 50th anniversary of established diplomatic relations between Buenos Aries and Beijing the statement described as the "Year of Friendship and Cooperation between Argentina and China."

Argentina announced an expansion of a currency swap with China by $3 billion in February with the deal coming after Fernandez visited China and Argentina joined the multi-trillion dollar Belt and Road Initiative.