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De-Dollarization: Argentina Allows Citizens To Open New Bank Accounts Using Chinese Yuan Due To Dollar Crunch

By Jacob M. Thompson

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.

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