Sergio Massa, Argentina’s economy minister and the presidential candidate for the ruling centre-left Peronist coalition, has borrowed another $6.5bn-worth of renminbi from Beijing in a last-ditch effort to stabilise the economy ahead of elections on Sunday.
President Alberto Fernández, who is not running for a second term, announced the expansion during a visit to China on Wednesday.
Amid its worst economic crisis in two decades, Argentina’s international reserves have fallen to dangerously low levels, forcing it to draw on a currency swap line between its central bank and the People’s Bank of China.
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