In April, China and Argentina announced the swap line had been activated, enabling Argentina to use the equivalent of $1.04bn in yuan to pay for Chinese imports in May. Then in June during Massa’s China trip, that line was extended to up to $18bn over the next three years. The Central Bank of Argentina said this increased the amount available for use from about $5bn to almost $10b.

Last month, Argentina took another step towards strengthening its ties to the yuan, making part of a $2.7bn debt payment to the International Monetary Fund (IMF) in the Chinese currency. The Central Bank of Argentina also announced in June that Argentines are now able to open savings and checking accounts in yuan.

The move carries important significance for Argentina, which has been looking for ways to safeguard its dwindling US dollar reserves and has found in China a willing partner.