BUENOS AIRES (Reuters) -Argentina will begin to pay for Chinese language imports in yuan moderately than {dollars}, the federal government introduced Wednesday, a measure that goals to alleviate the nation’s dwindling greenback reserves.

In April, it goals to pay round $1 billion of Chinese language imports in yuan as an alternative of {dollars} and thereafter round $790 million of month-to-month imports can be paid in yuan, a authorities assertion mentioned.

The choice goals to ease the outflow of {dollars}, Argentina’s Economic system minister Sergio Massa mentioned throughout an occasion following a gathering with the Chinese language ambassador, Zou Xiaoli, in addition to with firms from varied sectors.

The choice comes because the South American nation battles vital ranges in its greenback reserves amid a pointy drop in agricultural exports attributable to a historic drought, in addition to political uncertainty forward of elections this 12 months.

    In November final 12 months, Argentina expanded a forex swap with China by $5 billion , looking for to strengthen Argentina’s worldwide reserves.

    The settlement will permit Argentina “to work on the chance” of advancing the speed of imports, Massa added, with yuan-denominated import orders being licensed in 90 days moderately than the usual 180 days.