Argentina: Economy Minister Sergio Massa and Máximo Kirchner in China desperate for "fresh funds"
Buenos Aires' net reserves are in negative territory by almost $2 billion. The trip aims to search for fresh dollars to avert disaster this election year and armor the Central Bank (BCRA)
Massa will meet with the governor of the People's Bank of China (PBOC), Yi Gang. With him and Miguel Pesce, the president of the BCRA, he will address the renewal (due to expire next August but was brought forward) and expansion of the currency swap. He will seek a renewal of the $5 billion free availability (used to intervene in the foreign exchange market) and a $3 billion extension. Today the swap is $18 billion.