IMF Hints Allowing Countries to Use Chinese Yuan for Debt Repayment

• IMF Hints Allowing Countries to Use Chinese Yuan for Debt Repayment
  by Aldgra Fredly, https://www.theepochtimes.com/
  The International Monetary Fund (IMF) has hinted that it may accept the Chinese Yuan as a currency for countries to settle their obligations with the IMF following Argentina’s recent debt repayment in yuan.
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  IMF spokesperson Julie Kozack confirmed on Thursday that Argentina had paid off part of its debts—equivalent to $1.1 billion of the $2.7 billion that matured last month—with the IMF in Chinese currency.
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  “As we have stated in the past, the Argentine authorities continue to remain current on their financial obligations to the IMF,” Ms. Kozack said at a press briefing.
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  “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.
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  Ms. Kozack said that negotiations on the $44-billion program are still ongoing. She denied that the IMF received a letter from China stating it would allow Argentina to use a swap line with the Chinese Central Bank to pay off its IMF dues.
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  “Our team has been working intensively with the Argentine authorities to make progress toward the completion of the fifth review. And to help the authorities address a very complex and challenging situation,” she said.
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