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With the BRICS Summit less than a month away, Argentina and Bolivia are using the Chinese yuan for international settlements. Indeed, Argentina utilized the currency in Argentina used $1.1 billion in yuan from a recently extended and expanded swap line with China to complete the June payment to the IMF. Argentina leaned on its $18 billion currency swap line with China to cover part of an IMF payment, sources told Reuters. This isn't the first time yuan was used to help meet Argentina paid part of the $2.6 billion due to the International Monetary Fund (IMF) in October with Chinese yuan, a person with direct knowledge told Reuters on Tuesday. Argentina made a loan repayment to the International Monetary Fund worth the equivalent of $2.7 billion “without using dollars” on Friday, using Chinese yuan and special BRICS member Argentina paid part of the $2.6 billion to the IMF in the Chinese Yuan and not the US dollar, watcher.guru.com reported. Argentina completed the

Is Argentina ditching the dollar? The recent news of Argentina using Chinese Yuan in IMF payments has sparked global interest, particularly in the context of BRICS and de-dollarization. With the BRICS Summit less than a month away, the trend of countries moving away from the US dollar for international settlements is gaining momentum. Argentina and Bolivia are using the Chinese yuan for international settlements, signalling a potential shift in global finance.

Specifically, Argentina used $1.1 billion in yuan from a recently extended and expanded swap line with China to complete the June payment to the IMF. This highlights the growing importance of the Yuan as an alternative reserve currency. Argentina leaned on its $18 billion currency swap line with China to cover part of an IMF payment, sources told Reuters.

This isn't a one-off event. Argentina paid part of the $2.6 billion due to the International Monetary Fund (IMF) in October with Chinese yuan, a person with direct knowledge told Reuters on Tuesday. This continued reliance on the Yuan demonstrates a strategic move to reduce dependence on the US dollar. Argentina made a loan repayment to the International Monetary Fund worth the equivalent of $2.7 billion “without using dollars” on Friday, using Chinese yuan and special BRICS member Argentina.

The implications are significant. What does this mean for the future of the IMF and the role of BRICS nations? Reports indicate that Argentina paid part of the $2.6 billion to the IMF in the Chinese Yuan and not the US dollar, watcher.guru.com reported. Argentina completed the payment demonstrating the practicality and feasibility of using the Yuan in large international transactions. This development further strengthens the argument for a multi-polar currency system and potentially challenges the dominance of the US dollar in global finance. Keep an eye on further developments surrounding Argentina's financial strategies and the broader trend of de-dollarization within the BRICS alliance.

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