By Judy Chen
March 30 (Bloomberg) -- The central banks of China and Argentina agreed on a 70 billion yuan ($10 billion) currency swap yesterday, the official Xinhua News Agency said.
The move will help ensure the stability of the regional currency system and contain financial risks amid the global financial crisis, Xinhua reported today.
China arranged a 100 billion yuan swap with Indonesia on March 23, a 20 billion yuan swap with Belarus on March 11, an 80 billion yuan swap with Malaysia last month, a 200 billion yuan swap with Hong Kong in January and a 180 billion yuan swap with South Korea in December.
The yuan has weakened 0.2 percent versus the U.S. dollar so far this year, while the Argentine peso slid 7.1 percent.
To contact the reporters on this story: Judy Chen in Shanghai at xchen45@bloomberg.net
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