-
US Dollars Are So Scarce in Argentina That Yuan Use Is at a Record
It’s gotten so hard to find US dollars in Argentina that Whirlpool Corp., the American appliance giant, is considering paying with China’s yuan to import parts for a new factory. It’s not alone. Across the South American country, a dwindling greenback supply is leading companies to embrace a currency that otherwise has played a peripheral role in international trade. The trend highlights both Argentina’s dire financial straits and China’s ambitions for the yuan. “The central bank doesn’t have dollars so it needs the emergency aid China is offering,” said Marcelo Elizondo, a trade economist in Buenos ... (full story)