Argentina is facing such a dire shortage of US dollars that it is now allowing commercial banks to open deposit accounts in the Chinese yuan.
The following report is by Insider:
The Central Bank of Argentina said in a Thursday statement on its website that it is allowing the Chinese yuan as a form of currency in savings and checking accounts.
The move complements the country’s securities regulator announcing that Argentina can issue securities in the Chinese currency, the central bank added.
Argentina — which already allows bank accounts to be opened using US dollar deposits — has been boosting its use of the yuan following a drastic shortage of the greenback.