China has suspended a US$6.5 billion currency swap agreement with Argentina, and the freeze remains in effect until President Javier Milei demonstrates a clear intention to engage with Beijing, Argentine media have reported. News of the move comes just 10 days into the tenure of the new president, who campaigned on breaking ties with China, and underscores the challenge Milei will face in trying to follow through with those pledges. Asked to comment, Zhicheng Xie, the spokesperson for the Chines
Argentina's President-elect Javier Milei has a China conundrum. The libertarian economist insulted communist-run China in a fiery campaign, but takes office on Sunday needing the country's second-largest trade partner more than ever as a recession looms and foreign currency reserves run dry. Since he won the Nov. 19 election, Milei's team have taken a more diplomatic tone, reflecting complex ties with China, the top buyer of Argentine soybeans and beef, a key investor in its lithium, and the provider of an $18 billion currency swap - effectively, a form of credit provision that has helped Argentina avoid default.
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