“China’s devaluation couldn’t come at a worse time for Argentina. About a quarter of the country’s $33.7 billion of foreign reserves are now denominated in yuan, which suffered its biggest loss since 1994 on Tuesday. The move is eroding the cash Argentina uses to pay its debt and comes as the nation is effectively shut out of overseas bond markets and struggling to defend its slumping peso at home. The country’s yuan holdings have ballooned since it signed an $11 billion currency-swap agreement with the People’s Bank of China in July. In the unregulated market Argentines use to sidestep the government’s currency controls, the peso has sunk 12 percent in the past two months.”
Related posts:
Saudi Arabia to allow women to drive
What’s Inside America’s Banks?
Twelve years after 9/11, we still have no idea how to fight terrorism.
Francois Hollande lurches Right in historic U-Turn to save French economy
12-year-old boy discovers impressive 5.16 carat diamond after digging for 10 minutes
Zurich Mayor Renounces U.S. Citizenship Amid Tighter Tax Rules
Why Are So Many College Graduates Driving Taxis?
Obama quietly extends post-9/11 state of national emergency
U.S. now has most Spanish speakers outside Mexico
Greek bank official dismisses 'haircut' report as "baseless"
New UK Bitcoin exchange to bar US clients
China Central Bank: No Longer in China’s Interest to Increase Reserves
Congress still at near-record low approval rating
Researchers find sex cures migraines as well as medication
Dissident blogger allowed to leave Cuba on tour