Argentina Allows Banks to Open Yuan Accounts Economist Says It Could Boost Chinese Currency as Safe Haven Alternative to US Dollar
The central bank of Argentina has officially included the Chinese yuan as a recognized currency for making deposits in bank accounts. “Opening yuan accounts could attract more people and enterprises to exchange Argentinian peso to yuan, as more or less a ‘safe haven’ currency, instead of exchanging all of their local currency to U.S. dollars,” an economist explained. Banks in Argentina Now Authorized to Open Yuan Accounts Argentina’s central bank announced Thursday that it is now allowing Chinese yuan in bank accounts. The announcement states (translated by Google): The Central Bank of the Argentine Republic has incorporated the renminbi yuan as an accepted currency for deposit-taking in savings banks and checking accounts. Financial entities will thus be enabled to open bank accounts denominated in renminbi yuan. The decision by Argentina’s central bank to incorporate the Chinese yuan aligns with the country’s struggle against a dwindling supply of U.S. dollars. The move also c