China, Argentina renew currency swap deal
China's central bank on Friday said that it has renewed a bilateral currency swap agreement with the Central Bank of Argentina.
The deal has a scale of 130 billion yuan (US$18.28 billion), or 4.5 trillion Argentine peso. It will be valid for three years, according to the People's Bank of China.
A currency swap sees two parties agree to exchange a certain amount of foreign currency at a pre-determined rate, protecting against fluctuations.