Neuspešni stand-by aranžmani MMF remete dolarske rezerve Argentini. Poslednja dospeća proizilaze iz sporazuma o dugu iz 2022. od 44 mlrd $ (ekvivalentno 31,914 milijardi SDR ili 1 procenat kvote – MMF Saopštenje 22/89), koji je zamenio neuspeli program spašavanja iz 2018. od 50 mlrd $ (ekvivalentno 35,379 milijardi SDR ili 1,110 procenata kvote – MMF Saopštenje 18/245). Argentina koristi kinesku swap valutnu liniju (trogodišnja linija vredna 130 mlrd juana ili 19 mlrd$) da očuva dolarske rezerve. Drugi put, nakon 29. juna, Argentina izmiruje deo obaveza prema MMF sa kineskim juanom. Junsko-julska tranša je iznosila 2,8 mlrd$, dok je oktobarska bila 2,6 mlrd$ u SDR. Argentina je u avgustu otplatila 1,7 milijardi dolara Narodnoj banci Kine koristeći isplatu obezbeđenu od MMF-a. Ostali zajmodavci su takođe izmireni, uključujući Katar i Razvojnu banku Latinske Amerike. Rastu dnevne transakcije u juanima na argentinskim deviznim tržištima (rekordnih 28% u junu), dok kompanije (njih preko 500 u junu) plaćaju uvoz u juanima. Članstvo u BRICS-u je očigledno pokrenulo roller-coaster, ali nedovoljno da se ugrozi dominantna pozicija američkog dolara kao rezervne valute (oko 2/3 globalnog udela).
The IMF’s failed stand-by arrangements are disrupting Argentina’s dollar reserves. The latest maturities stem from the 2022 debt agreement of $44 billion (equivalent to SDR 31.914 billion or 1 percent of quota – IMF Release 22/89), which replaced the failed 2018 bailout of $50 billion (equivalent to SDR 35.379 billion or 1.110 percent of quota – IMF Release 18/245). Argentina uses China’s swap currency line (a three-year line worth 130 billion yuan or $19 billion) to preserve dollar reserves. For the second time, after June 29, Argentina settles part of its obligations to the IMF with the Chinese yuan. The June-July tranche was $2.8 billion, while the October tranche was $2.6 billion in SDR. In August, Argentina repaid $1.7 billion to the People’s Bank of China using a payment secured by the IMF. Other lenders have also settled, including Qatar and the Development Bank of Latin America. Daily transactions in yuan on Argentina’s foreign exchange markets are growing (a record 28% in June), while companies (more than 500 of them in June) are paying for imports in yuan. BRICS membership has obviously set off a roller-coaster, but not enough to threaten the US dollar’s dominant position as a reserve currency (about 2/3 of the global share).