Central Bank of China has concluded with the Central Argentine agreement on currency swap to 70 billion yuan (10 billion dollars), informs Bloomberg. This agreement will allow Argentina to pay for imports of goods from China, the Chinese currency. China has already signed similar agreements with six in December 2008.

Called a currency swap agreement to exchange a certain amount of one currency for another. This prerequisite is backward through the recorded transaction in the transaction time. Such an agreement at the international level allow to renounce the use of trade dollars or euros.

March 12, 2009 China agreed on a currency swap with Belarus. Under the deal, China has provided 20 billion yuan, Belarus – almost eight trillion national rubles. The term of the agreement is three years. Previously, similar agreements have been concluded with Malaysia, South Korea, Hong Kong and Indonesia.

March 24, monetary authorities of China announced its own plan for reforming the global financial system, involving the creation of an international reserve currency. To this end, it was proposed to use special drawing rights (SDR) – artificial means of payment International Monetary Fund (IMF), tied to a basket of four currencies. The world economy SDR are not too active.

Later, the IMF Managing Director Dominique Strauss-Kahn, has supported the idea of creating a single world currency. For its part, U.S. President Barack Obama, the idea of creating a single currency has rejected, saying that the dollar is stable and the confidence of investors is growing.