The International Monetary Fund (IMF) has suggested that it may accept the Chinese Yuan as a currency for countries to pay their debts.
The hint at changing the currency for settling obligations with the IMF comes following Argentina’s recent debt repayment in yuan.
IMF spokesperson Julie Kozack confirmed on Thursday that Argentina had paid off part of its debts with the IMF in Communist China’s currency.
The debt repayment was equivalent to $1.1 billion of the $2.7 billion that matured last month.
“As we have stated in the past, the Argentine authorities continue to remain current on their financial obligations to the IMF,” Kozack said at a press briefing.
“The RMB is one of the five freely usable currencies that members can and have used to settle their obligations with the IMF,” she added, referring to the Chinese currency by its official name, the renminbi.
Kozack said that negotiations on the $44-billion program are still ongoing.
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