Home Business New recipe to alleviate the reserve crisis: Chinese companies will be able to invest in yuan in Argentina

New recipe to alleviate the reserve crisis: Chinese companies will be able to invest in yuan in Argentina

New recipe to alleviate the reserve crisis: Chinese companies will be able to invest in yuan in Argentina

The Tsingshan Holding Group building is the best example of the strength of a company with 200,000 employees worldwide and annual sales of US$90,000 million. The tower in marble, stainless steel and luxuriously decorated It also has a very large terrace overlooking Pudong, the financial capital of China, and its skyscrapers with mapping and other colored lights that come on at sunset.

This tower is known as the pearl of the orient The company with mining investments in Salta and Jujuy is also dedicated to aluminum and stainless steel and yesterday offered to party Sergio Massa and his large entourage. Miguel Pesce, Máximo Kirchner and Juan Manuel Olmos did not participate.

Xiang Guangda, chairman of the board of directors, announced that he has already invested $600 million and will send another $800 million for the construction of two plants in Perico, Jujuy. One, caustic soda and sodium hypochlorite. The signature is partner of the French mining company Eramet.

Among some of the 8 dishes that made up the meal, among them the sea cucumber which is a real offering to the visitor and the gan bei, Bai Jiu toast on a white background, rice liquor, Massa announced the opening of trade and investment in yuan. It reaches all companies that have Chinese currency and is a a strong signal to Beijing that in the midst of the dispute with the United States it wants the yuan to compete with the dollar as a transaction currency.

Thus Massa tries to move in the geopolitical chess of the 21st century, ask China and put pressure on the IMF in a scenario of tensions between the two giants seem to intensify.

Currently only the yuan is used to pay for imports and will now be used for all kinds of operations. The Central Bank will open uno account in yuan. They have already launched two special markets for the yuan, one spot and the other in the future in what is new.

This exchange in yuan means that a company, instead of entering the country with dollars in cash with liquidity and buying dollars with those yuan, can enter the direct yuan. In turn, the Central Bank already has some on the account US$5,000 million in its unlimited reserves. Here they claim to be intact.

In the economic view, Take the middleman out of converting yuan to dollars which “generate a lack of transparency due to over-invoicing of imports and under-invoicing of exports. With this, China is likely to displace Brazil and become Argentina’s main trading partner”, underlined

One of the minister’s advisers slipped, what happens is that “The United States puts your eyes and China puts your body”, released. In that reasoning recorded the statements of Máximo Kirchner at Fundan University. “I want to thank the institution for the recognition of Néstor Kirchner in the awarding of the Honoris Causa and for the good treatment towards the figure of CFK which has deepened the bond forged by Néstor of the Integral Strategic Association. I emphasize the collaborative nature of the relationship where help is provided without exerting any kind of pressure.” said the head of the Buenos Aires PJ.

In truth, what is being attempted, in the midst of an Argentine crisis that has its roots in exchange rate volatility and high inflation, the government try not to devalue by repressing the official dollar to avoid another price hike. In China, efforts have doubled down on investment announcements.

So far Chinese companies they didn’t close the road in its strategy to gain more foothold in the region. And inevitably, this worries the United States “keeps an eye on China’s interests in 5G, Waterways, ports and hydroelectric plants which are under concession to the American AES”, according to an official.

Massa and his entourage met yesterday with Tibet Summit Resources and discussed the Salar Arizaro and Salar de Diablillos projects, which involve the construction of a lithium processing plant in the province of Salta. There were investment commitments for US$ 1.7 billion produce between 50,000 and 100,000 tonnes between the two projects. Furthermore, they would generate up to 10,000 direct and indirect jobs.

“We want mining that generates use of the resource with the generation of added value and employment. We want to get out of the idea of ​​being a primary exporting country to be an exporting country with added value from our own primary products,” Massa said.

He also met with Ganfeng Lithium, the leading producer of lithium and lithium derivatives, which currently has four projects in Argentina. The company expects an investment of $2.7 billion and foresees a production of 74,000 tons of lithium carbonate.

During the meeting, work was done on the Mariana Project, which aims to promote lithium extraction in the Salar de Llullaillaco, located in Salta, and the Cauchari-Olaroz project, which starts operating and exporting in the third quarter of 2023, was discussed . .

Tomorrow Massa leaves after a meeting with Don Dilma Roussef for Beijing where he will finally know if he got what he really came for: the renewal of the exchange for 18 billion dollars.

Source: Clarin


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