Did Argentina stumble over China on its way to the IMF?

阅读更多关于此新闻的文章,请点击链接: 中国阻挡了阿根廷向IMF求援的道路?

Luis “Toto” Caputo was out Tuesday morning as head of Argentina’s Central Bank, the BCRA. The move was surprising, coming as it did in the middle of President Mauricio Macri’s trip to New York for the United Nations General Assembly. It was also worrisome, as it came during the sensitive negotiating of a change in the terms — increasing the size and front-loading the payments — of the now $57b, three-year Stand-By Arrangement (SBA) agreed to with the International Monetary Fund (IMF). Guido Sanderlis, deputy to the Minster of Finance, took over at BCRA.

It’s a big stumble for Argentina and a sharp fall for Caputo, who as finance minister almost exactly a year ago famously said: “I’m convinced Argentina will be the star of emerging markets for the next 20 years. I don’t mean to be cocky, but it’s very evident.”

Caputo had threatened to leave as negotiations with the IMF came to a head, as he wanted more funds than the IMF was comfortable with to support the peso, which has declined over 50% this year. Ultimately, Macri sacrificed Caputo to play nice with the IMF, and Sanderlis is expected to tow the government line.

Negotiations between Argentina and the IMF were more difficult than expected in part due to China. But for once US President and China-hawk Donald Trump was not the stumbling block:

"The negotiations were much tougher than expected, despite overwhelming support of the administration of Donald Trump, which considers supporting Macri strategic. France, Holland and Germany maintain a very hard line against Macri's administration, due to certain business deals with China."

What business deals? While the internal discussions of the IMF are under wraps, media in Argentina point to the renegotiated deal on the Atucha nuclear plants, the acquisition of stakes in lithium mines by Chinese companies, the Neuquen space station, and the swap line between the BCRA and China’s central bank, the PBoC.

Argentina is rumored to be expanding its swap line with China by $9b (instead of the original $5b), bringing it to a total of $20b. The BCRA was supposed to have drawn $3b of those funds in Dec 2015, a week after the new Macri government was inaugurated to stabilize the peso against dollar at that time, in the wake of liberalizing the exchange rate.  Negotiations were put on hold for almost three months in the wake of the departure of Caputo’s predecessor, Federico Sturzenegger. While the agreement was thought to be “imminent,” the unexpected transition may lead to another pause at a time when the BCRA is trying to rally market sentiment.

With the departure of Caputo and Sturzenegger, only Ernesto Bosch, founding President of the BCRA, has served out a full term. We wish Sanderlis better luck.

Top Stories

México, ante el chance de ser puente tecnológico entre China y EU— El Financiero

México sería el ganador de la guerra comercial entre EU y China— Dinero en Imagen

Opinión: México-China-EU, efecto dominó de la guerra comercial— Expansión

Tras TLCAN, ¿México debe voltear a China?— Azteca Noticias

Ni EU ni México... China podría pagar el muro de Trump— El Financiero

Mexico is trying to figure out if it can play the arb between China and the US in the tariff war. It’ll be tough to thread the needle - will it be worth it? Join us next week to find out.


王毅分别出席中国―拉共体“四驾马车”外长第六次对话和联合国“为维和而行动”倡议高级别会议--新闻报道-人民网— People’s Daily

China willing to deepen all-around cooperation with CELAC— China.org

China ready to enhance multilateral cooperation with Caribbean Community: Wang Yi— Xinhua

Also at the UNGA, Chinese Foreign Minister Wang Yi met with counterparts from Community of Latin American and Caribbean States (CELAC), which China seems to be increasingly using as a way to engage Latin America without the involvement of the US.

China habilita en Argentina 26 frigoríficos de carne bovina para exportación— Reuters

China habilitó 28 plantas argentinas para exportar carne— Télam

China amplía habilitación de plantas argentinas para exportar ca— Marco Trade News

China habilita 28 plantas argentinas para la exportación de carne— Clarín

Another reason why Argentina wants to play nice with China - over two-dozen Argentine meatpackers just got approved to export to China.

Qué es la doctrina Monroe que Trump reflotó en la ONU contra la influencia de “potencias extranjeras” en América Latina— BBC

Trump Dredges Up The Monroe Doctrine— Two Weeks Notice

Read Trump’s speech to the UN General Assembly— Vox

At the UN, President Donald Trump takes a not-so-veiled swing at China in Latin America: 

Here in the Western Hemisphere, we are committed to maintaining our independence from the encroachment of expansionist foreign powers… The United States has recently strengthened our laws to better screen foreign investments in our country for national security threats, and we welcome cooperation with countries in this region and around the world that wish to do the same. You need to do it for your own protection.

Nova Rota da Seda avança para a América Latina— Jornal do Comércio

China, Suriname vow to deepen cooperation under BRI framework— Xinhua

China picks up Suriname in the Belt and Road Initiative.

Presidente de Honduras lamenta los recortes de la ayuda enviada por EEUU y mira hacia oportunidades con China— Reuters 

Guerra comercial EEUU-China golpeará a Honduras— El Proceso 

El presidente de Honduras lamenta los recortes de EEUU a la ayuda económica a Centroamérica— Europa Press

Honduras president laments U.S. aid cuts, welcomes role of China— The Japan News

Is Honduras next to diplomatically recognize Beijing? President Juan Orlando Hernández may be dropping hints:

Hernandez said China’s growing diplomatic presence posed a “quandary” for the region, but also “an opportunity for all,” provided there are “clear rules.” Other countries would likely follow the lead of El Salvador and Panama soon, he added.

“We’re still with Taiwan. Each country follows the principle of self-determination, that it can make its own decisions,” he said. “For the time being, we’re betting on a commercial relationship with Taiwan, a window to enter the Asian market.”

Tariffs Spur Soy Merry-Go-Round as China Turns to Argentina— Bloomberg

Brazil soybean exports to China soar— The Fencepost

Por la baja del precio de la soja, la Argentina perdería US$3168 millones— La Nación 

¿Qué impactos podría tener la 'guerra de aranceles' entre EE.UU. y China?— Radio Mitre

Chile lamenta nuevo capítulo de la guerra comercial entre China y EE.UU.— El Mostrador

BCR: Perú estable a pesar de guerra comercial entre EE.UU. y China— El Economista América

Argentina compra soja a EE.UU. y exporta su producción a China— Perfil

Impacto de la guerra comercial en la soja: Argentina exporta su producción a China e importa de EE.UU.— Mundo Marítimo 

Guerra comercial entre EUA e China abre oportunidades para SC— Notícias Agrícolas

Estados Unidos y China en guerra: ¿Cómo puede verse afectada la Argentina?— Filo News

China comprará más soja argentina— Agritotal 

Sin soja en Brasil, China importará más desde Argentina— BAE Negocios 

Conflito comercial entre EUA e China prenuncia uma nova guerra fria— El País 

China’s hunger for soybeans is a window into an encroaching environmental crisis— Fast Company 

China to Start Buying More Argentine Soybeans— Successful Farming

Brazil's Temer Says Trump Tariffs Have No Impact on China Trade Relations— Bloomberg

US-China trade war winner: Brazil soybean exports— Yahoo Finance 

Argentina aumentará las exportaciones de soja a China— Perfil

Dispatches from the tariff war, where everyone is playing three-card monte with soy. Most striking: “Argentina is buying U.S. beans for the domestic market and exporting its own production to China."

China — LAC

China inaugura embajada en Dominicana en nuevo avance en Latinoamérica— France 24

China opens embassy in Dominican Republic— Japan News

Canciller chino llega al país; hoy lo recibirá Presidente— Hoy Digital

China y República Dominicana liberan rápidamente energía de cooperación, según canciller chino— Xinhua

Danilo Medina inaugurará embajada dominicana en China— La Nación Dominicana

China officially opens its embassy in the Dominican Republic, with the presence of Foreign Minister Wang Yi and President Danilo Medina.

Relación de Panamá con EEUU es "buena" pese a inquietud por China, dice canciller— France 24

The evolution of Panama-PRC relations since recognition, and their strategic implications for the U.S. and the region— Global Americans

As Panama deepens its relationship with China, our friend Evan Ellis reports on what that means for the US.

China steel mills chase iron ore contracts with Brazil's Vale— Gulf Times

Ahead of expected winter steel output cuts, Chinese steel mills like Hebei Jingye Group are rushing to secure long-term contracts for high-quality iron ore from Vale.

China steps in to help rebuild Barbuda as West accused of  'benign neglect’— Telegraph

The telegraph looks at the 300 homeowners who benefitted from the $2m donated by Beijing for repairs on Antigua and Barbuda in the wake of Hurricane Irma; it notes the US donated $800,000 to Antigua and Barbuda and Dominica.

Chile: Good results of fruit sector are linked to China— Fresh Plaza

Chilean Minister of Agriculture Antonio Walker and president of the Association of Fruit Exporters (Asoex) Ronald Brown underscore how China is driving fruit exports.

China: JD.com wants to ship fruit from all over the world to China in 48 hours— Fresh Plaza

JD.com has made plans to fly New Zealand kiwis, Canadian cherries, oranges and cherries from the west coast of the United States, and Chilean blueberries directly to China in 48 hours.

Ingresa a China el primer contenedor con cerca de 18 toneladas de langostinos peruano— Gestión 

The first container of Peruvian lobsters to be shipped to China arrived this week.

China espera concretar a corto plazo modernización de TLC con Perú— Agencia Andina 

Zhao Bentang, Director General of the Latam Department at MOFA says that things for a renegotiation of an FTA 2.0 between China and Peru are going along swimmingly.

China and Russia Remain Key Allies for Venezuela But More Financial Support Will Come at the Price of Sharing an Increasing Control of the Country’s Oil and Gas Sector, Says GlobalData— Oil Voice

China ajudará Venezuela a resistir a sanções dos EUA— Brasil 24/7

China aumenta su poder sobre Maduro— Clarín 

China, Venezuela to push on with agreements - CNPC president— Reuters

Zhang Jianhua, president of CNPC, visited Venezuela during September 19-20 to follow up on the agreements Maduro signed last week giving China a bigger stake in their oilfields.

México será invitado de honor de Exposición Internacional de Importaciones de Shanghai— Xinhua

Brasil é convidado de honra em feira na China— Jornal do Comércio

Perú buscará ampliar exportaciones a China con participación en feria de Shanghai— Agencia Andina

1st Batch of Barbados' CIIE Display Goods Sets Sail for Shanghai From Panama— Yicai Global

Ministro de Agricultura de Chile viajará a China y firmará acuerdos sobre exportación de productos— Xinhua

China's import expo stepping stone to growth for Brazil coffee— Xinhua

Everyone is gearing up for the China International Import Expo in Shanghai in early November. But China seems to be telling everyone that they’re the guest of honor.

Brasil perde protagonismo para China na América Latina— Diário Comércio Indústria e Serviços

Influências política e econômica do Brasil na América Latina diminuem— Diário Comércio Indústria e Serviços

La injerencia china en América Latina debería ser motivo de preocupación— Infobae

Is Brazil losing the leadership role in Latin America to China.

Brasil vai acionar a China na OMC por causa de barreiras ao açúcar— Valor

Brasil deve aprovar este ano recurso na OMC contra antidumping da China ao frango, diz fonte— Universo Online

More details on Brazil’s plan to go to the WTO on China’s sugar anti-dumping tariffs.

Cabinet to decide on disclosure of MoUs with China— Stabroek News

In the wake of concerns about the Trinidad La Brea deal, the government of Guyana is considering disclosing the terms of agreements with Chinese firms.

Chile se acerca a la industria de Defensa china— Noticias Infodefensa América

Chinese defense companies stealing a page from US defense companies playbooks?

Inversión de China a la alza en México y BC; no afectan medidas de EU— Uniradio Noticias

Alentadora relación entre México y China; cónsul general— El Sol de Tijuana

Chinese Consul General in Tijuana Yu Bo talks about his country’s investments in Baja California. 

Jiangsu, la provincia china que busca consolidar relaciones comerciales con Perú— El Comercio 

Provincia china de Jiangsu busca consolidar relaciones comerciales con Perú— Agencia Andina 

Jiangsu province is looking to up its trade and investment game with Peru.

Inspectores chinos visitan plantaciones de arándanos en Argentina— Portal Frutícola

Chinese phytosanitary inspectors visited blueberry farms in Entre Ríos Argentine to move them towards being able to export to China.

China e Brasil falam em solidariedade e irmandade para atingir interesses em África - investigador— Diário Nacional

Timóteo Saba M´bunde in Guinea-Bissau says that both Brazil and China are both using “third-world” and “solidarity and brotherhood” talking points to achieve their goals in sub-Saharan Africa.

Empresas chinas vuelven a la carga en las licitaciones de las concesiones del MOP— La Tercera

China Railway Group and China Harbour Engineering Company are both looking to win concessions to build highways in Chile.

Los emprendedores chilenos que están "probando suerte" en China— Economía y Negocios

Interviews with Chilean entrepreneurs discovering what China has to offer them.

China, mercado estratégico para APEAM— APEAM

Mexican avocado growers see China as a strategic market.

China se convirtió en el principal destino de la pota peruana— El Comercio

Perú: exportaciones de pota y textiles a China crecieron a julio de este año— Agencia Andina

Peru’s exports to China just keep rising.

Comercializadora china CAMC reconoce potencial de Panamá para entrar en mercado latinoamericano— Xinhua

CAMC has set up a distribution hub in Panama’s Colón Free Trade Zone that it sees as being able to serve the Latin American market.

Brazil 'could help meet China's energy needs’— Upstream Online 

Brazil’s deep water reserves are a selling point for China.

Jamaican poet warns of possible China 'debt trap’— Loop Cayman

Yup.

Korea — LAC

文대통령, 칠레 대통령과 정상회담…양국 FTA 개선 협상 추진 — E-Daily

Presidentes de Chile y Corea del Sur destacan buen momento de comercio bilateral— Radio Agricultura

At the UNGA, Korea pushed for the FTA with Chile and joining the Pacific Alliance as an observer.

México, Colombia y Corea comparten experiencias en industrias creativas— 20 Minutos

Mexico, Colombia, and South Korea got their heads together on creative industry best practices in Bogotá this week.

Perú busca atraer inversiones en Corea del Sur para proyectos de infraestructura— Agencia Andina

Peru’s ProInversión pushed the country at the Global Infrastructure Cooperation Conference in South Korea this week.

Japan — LAC

Brief: BNDES obtains US$$100mn from Japanese banks— BNamericas

Brazil's state-run development bank BNDES raised US$100mn through credit linesfrom Japanese lenders Japan Bank for International Cooperation (JBIC), Mizuho Bank and The Bank of Saga.

Japón, principal mercado turístico de Asia para México— Mundo Ejecutivo

With 115,700 tourists visiting in 2017, Japan is the biggest market in Asia for the Mexican tourism industry. 

Planteles chilenos concretan instancias de colaboración con Japón— Economía y Negocios

This week the Catholic University and University of Chile held a conference with the University of Tokyo to deepen academic collaboration.

Es una buena oportunidad para un acuerdo Japón-Uruguay— El Pais

An interview with Yorizumi Watanabe, professor of International Politics at the University of Keio on how now is the time for a Japan-Uruguay deal. 

India — LAC

Why India should focus more on Latin American region now— ORF

Stage-setting Prime Minister Narendra Modi’s trip to the G20 in December, a think tank argues that Latin America should be a bigger focus for India.

CII’s India-Latin America and Caribbean Conclave is Coming to Chile in October— Latam.tech 

The 8th India-Latin America and Caribbean Conclave will take place in Santiago Chile next week.

ASEAN & Oceania — LAC

Peruvian lubricants company sets up ANZ HQ in Geelong— Manufacturers’ Monthly

Peru’s Vistony is looking at Australia and New Zealand.

Países de Alianza del Pacífico y Sudeste Asiático en agenda conjunta— Eje 21

Alongside UNGA, the Pacific Alliance and ASEAN met and agreed to continue working more closely together.

GCC — LAC

Emirates withdraws plans to operate Dubai-Mexico flights— Gulf News

Emirates scraps plans for Mexico route after being denied necessary slots— The National 

Emirates wanted daily flights into Mexico City via Barcelona; Mexico gave them three a week. So now it’s back to the drawing board.

UAE citizens get visa-free entry to Paraguay— Khaleej 

Maybe Emirates will look at Asunción? On the sidelines of UNGA, the UAE and Paraguay cut a visa deal.

Brazil’s O Boticário enters UAE beauty market— Trade Arabia

O Boticário, the largest fragrance player in Brazil, has opened its first international Amphora concept store at City Centre Mirdif, Dubai.

Subscribe to our mailing list

* indicates required