Argentina faced a familiar problem at the end of last month. The South American nation was struggling to repay the IMF $2.7bn from its latest $44bn bailout.
The solution, however, was unconventional. With its net dollar reserves in the red, Buenos Aires settled the payment partly in renminbi. “Argentina will not use a single dollar from its reserves to make the payment,” economy minister Sergio Massa crowed.
The transfer in the Chinese currency was only Argentina’s second to the IMF. “These are indications of broader changes happening in the international financial system, which will become permanent,” a senior official at the Argentine economy ministry said. “These shifts will take time, but they will not be reversed.”
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