Renminbi Replaces the US Dollar, China's Influence in Argentina is Increasing!
On August 30, according to the Argentine mainstream media "La Nación", the leading renewable energy company Genneia obtained a loan of 358.7 million yuan (approximately 500 million US dollars) from the branch of the Industrial and Commercial Bank of China, which is one of the first RMB loans in Argentina.
These funds will be used for the development of renewable energy: Genneia recently launched a solar park in Mendoza province, providing electricity to 125,000 households, and reducing carbon dioxide emissions by more than 220,000 tons per year.
For the Argentine authorities, this is an opportunity to bypass currency restrictions and diversify sources of funding.
For the Chinese leadership, this means promoting the RMB and strengthening its role as a strategic partner in the green energy sector in Latin America.
Against the backdrop of increasingly fierce competition, this transaction has become even more noteworthy:
Chinese investment in infrastructure, energy, and RMB loans; the United States has even increased military presence and tariff measures against its "friends".
This agreement represents a gradual shift: the RMB begins to be used in regions where the dollar was once the only dominant currency, which is undoubtedly a major concern for Americans recently.
Original: www.toutiao.com/article/1841890679404547/
Statement: The article represents the views of the author himself.