The ongoing shortage of U.S. dollars in Argentina has reached a new milestone, and officials are taking drastic steps to refill depleted foreign currency coffers.
On June 29, Argentina’s Central Bank announced it would allow residents and businesses to hold accounts in China’s RMB yuan. The historic decision marks a departure from using solely the U.S. dollar as an official reserve currency.
The move comes amid the South American country’s ongoing economic crisis. An acute greenback shortage, soaring poverty rates, high unemployment, and inflation have compounded this.
Subsequently, Argentinian officials are using Chinese currency as a life raft to cling to its remaining supply of U.S. dollars….