Xinhua news agency reports that the Bank of China branch in Buenos Aires has completed its first yuan-denominated direct investment transaction in Argentina.
The process was completed on Wednesday by the Chinese battery recycling company Brunp Recycling. The corporation made an investment of 428,736 yuan, or nearly $58,800, in the local economy.
The company would use the yuan investment to pay for the everyday expenses of its recently created branch in Argentina.
The issue of maintaining Central Bank reserves led Argentina’s Economy Minister Sergio Massa to announce in April of this year that the nation is converting to paying for imports from China in yuan.
source: english.news.cn
