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Argentine Central Bank hails Chinese currency's potential

(Xinhua)
Updated: 2009-03-31 15:20

Argentine Central Bank (BCRA) said on Monday that Chinese yuan is a currency with great potential and will play an important role in the reshuffle of the international monetary system.

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China has been an emerging economy with tremendous vigor during the last 30 years, and "the Chinese economy has shown a high surplus of payment balance," BCRA said in a press statement.

"The surplus has allowed yuan to gain an important position in international reserves," said the statement.

BCRA President Martin Redrado said that he has just signed an exchange agreement with People's Bank of China to boost bilateral cooperation to over $10.2 billion in the coming three years.

The two banks signed the agreement on Sunday within the framework of the yearly assembly of the Inter-American Development Bank (IDB) currently going-on in the second largest Colombian city of Medellin.