It is quite clear that China is accelerating its exit from the USD...
China, Argentina to settle trade in yuan: Xinhua
MarketWatch
March 30, 2009
HONG KONG (MarketWatch) -- China and Argentina have agreed to set up a 70 billion yuan ($10.24 billion) currency swap system that will enable trade between the two nations to be settled in the Chinese currency, the state-run Xinhua News Agency reported Monday.
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The agreement, the largest ever between China and a Latin-American country, was signed Sunday in Columbia, Xinhua reported.
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The agreement marks Argentina as the fifth nation to sign currency swap agreements with China following similar agreements with South Korea, Malaysia, Belarus and Indonesia. China ranks as Argentina's second-largest trade partner.
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Separately, China and Argentina are set to push for changes to the international financial system at the Group of 20 leader's summit in London this week, Xinhua reported.
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The two nations will seek a bigger representation of emerging nations at reform talks. The report did not specify what reform issues would be discussed.
