Argentina Approves the Opening of RMB Bank Accounts

On June 29, local time, the Central Bank of Argentina issued an announcement stating that the renminbi will be included in the currency allowed for deposits and withdrawals in the Argentine banking system, and that domestic banking institutions in Argentina will be approved to open renminbi savings and current deposit account business. The announcement pointed out that the move is to facilitate the widespread use of RMB in Argentina’s foreign trade and local financial markets.

On the 26th of this month, the Argentine National Securities Commission approved the issuance of securities products settled in RMB in the local market. The statement issued by the committee stated that since October 2020, the Central Bank of Argentina has been committed to promoting RMB spot and futures business in the local foreign exchange market to ensure domestic financial stability and reduce the pressure on the country’s foreign exchange reserves.