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Brazil proposes yuan guarantees for exports to Argentina, finance minister says

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JOHANNESBURG : Brazil has submitted a proposal to Argentina aimed at securing Chinese yuan guarantees for Brazilian exports to the neighboring country in an initiative involving state-run lender Banco do Brasil, Finance Minister Fernando Haddad said on Wednesday. Banco do Brasil under the proposal would o

JOHANNESBURG : Brazil has submitted a proposal to Argentina aimed at securing Chinese yuan guarantees for Brazilian exports to the neighboring country in an initiative involving state-run lender Banco do Brasil, Finance Minister Fernando Haddad said on Wednesday.

Brazil's third-largest trading partner, Argentina is in the midst of an economic crisis marked by soaring inflation and dwindling central bank reserves. Chinese yuan guarantees would provide security to Brazilian companies concerning their sales receipts amid Argentina's dollar shortage. The move, if approved by Argentina, would be positive for Brazilian companies because"they can have some sales flow for their products with 100 per cent collaterals," Haddad added.

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