Although the Government agrees to expand the currency exchange with China of US $ 9,000 million, this "reinforcement" will not immediately affect reserves.
In addition, if the proceeds of US $ of the agreement are not taken into account with the International Monetary Fund, or the loans from Bank Basel, or the reserves to & # 39; Local banks, BCRA's net reserves, last Friday US $ 51,443 million would not reach even half.
That is the census that the different economists of the City do wrong. But the government had already developed its own numbers: in the final intention letter with the IMF in mid-October, it was estimated that the reserves of the financial authority amounted to US $ 15,788 million.
Discussions with this refurbishment have begun this year with Luis Caputo. In the previous G20, President of Central, Guido Sandleris, has emphasized that this cash exchange renewal for 60,000 million yuan will look at the coffers.
Yesterday, after signing the agreement between the two countries, the financial entity stated in a statement to the press: "This new agreement will help to promote more financial stability and strengthen the relationship between central banks, which will also facilitate trade between the two countries. "
It will continue to be in the hands of authorities and the BCRA to determine when they incorporate the yuan line into reserves. They will not necessarily be incorporated into the entity's international holdings today, they said on Reconquista Street.
According to the BCRA spokespersons, the expansion of the exchange has been applied to the agreement in force since last July. At that time, $ 70,000 million yuan was renewed for three years, that is, ending 2020. This additional sum of $ 60,000 million yuan is the same term in Argentina's financial authority reserves .
The first contract between the two central banks was signed in 2009, when BCRA was chaired by Martín Redrado. With this agreement, the two central banks themselves committed to swap money for three years, for a sum of $ 70,000 million yuan, a figure equivalent to US $ 10,200 million at that time.
Five years later, the Argentine financial authority renewed the agreement, this time for a sum equivalent to US $ 11,000 million, thanks to the variation in the price of yuan. This new section of 2014 was supplemented in 2015, and was refurbished for three years now in July last year.