Argentina set to boost reserves by $400mn in China currency swap

Argentina’s central bank will soon receive US$400 million as part of an ongoing US$11 billion currency swap agreement with China, Bloomberg reported, citing an unnamed central bank official. The USS$2.3 billion Argentina has received so far from the swap accord with the People’s Bank of China has allowed President Cristina Fernandez de Kirchner to stabilize falling reserves following a default in July. Central bank funds rose to more than US$30 billion at the end of 2014 after falling to an eight-year low of US$26.7 billion in April.