Bank of China transacts first direct investment in yuan in Argentina

BUENOS AIRES, Aug. 30 (Xinhua) -- The Buenos Aires branch of the Bank of China on Wednesday transacted the first direct investment in yuan in Argentina, marking a new milestone in the incorporation of China's currency as an asset in the South American country.

Chinese energy firm Brunp Recycling becomes a pioneering investor that is the first enterprise to inject 428,736 yuan (about 58,892 U.S. dollars) into the local economy.

The company will allocate the investment in yuan to cover the daily operational costs of its newly established branch in the South American country.

Since being open for business in Buenos Aires, the Bank of China has aimed to bring investment and business partners from China to the local market, and has been cooperating to spur and consolidate the yuan market in Argentina.

The bank in 2022 oversaw the opening of the first accounts in Chinese currency in the South American country.