China has indefinitely suspended the $6.5 billion yuan swap it had renewed with Argentina some months ago in an agreement with then-Finance Minister Sergio Massa. The agreement that was signed by Massa includes clauses relating to the bilateral political relationship, which would require some signal of reciprocity and positive intentions from the new, neoliberal President Javier Milei—who spent his presidential campaign insulting China in the grossest terms.
Aside from the meeting that Milei had on Dec. 11 with Xi Jinping’s representative to his Dec. 10 inauguration Vice President of the Permanent Committee of the National People’s Congress Wu Wuhei, there has been no positive signal from Milei. At that meeting, he just groveled for the swap to be reactivated so he can pay the IMF.
