Argentina has announced that it will stop paying for goods imported from China in U.S. dollars instead of using RMB for settlement.Argentina’s Economy Minister Masso said at a press conference on April 26 that the move aims to improve the efficiency of import approvals, shorten approval times and strengthen economic cooperation with China.

Massa said Argentina will use RMB to pay for Chinese imports worth approximately $10.4 billion this month. It is expected that from May, Argentina will also use RMB to pay for Chinese imports worth $7.9 billion to $1 billion. This means Argentina will use more RMB in trade with China from now on.

In addition, Argentina will improve the efficiency of import approvals, reducing the approval period for imports from China from 180 days to 90 days, which will help promote trade and economic cooperation between Argentina and China.

Massa said Argentina’s decision was based on its trust and aspiration for China and hopes to common development and prosperity by strengthening economic cooperation with China.The Argentine government will continue to remain close with China and strive to promote the deep development of cooperation between the two sides in the context of globalization and free trade.