Core Viewpoint - Argentina has suspended export tariffs on soybeans, soybean meal, and soybean oil until October 31, creating a temporary cost advantage for global buyers, particularly benefiting Chinese companies facing low domestic soybean inventories [1][2]. Group 1: Policy Changes and Market Reactions - The suspension of the 26% export tax allowed Chinese buyers to quickly secure 10 vessels of soybeans, with potential orders increasing to 15 vessels, totaling over 2 million tons [1]. - The price of this batch of soybeans was nearly 200 RMB per ton lower than Brazilian prices, effectively supplementing domestic stocks and avoiding price volatility ahead of the U.S. harvest [2]. - However, the tax exemption was abruptly terminated when export declarations reached a $70 billion cap, leading to concerns about the completion of existing orders [2]. Group 2: U.S. Involvement and Conditions - Following a meeting between Argentine President Milei and U.S. President Trump, the U.S. announced plans to purchase Argentine pesos and initiate a $20 billion currency swap negotiation [2][4]. - The U.S. conditions for this support included terminating the currency swap agreement with China, reinstating and increasing agricultural export tariffs, expediting U.S. mining permits in Argentina, and linking financial aid to Milei's political future [4][5]. Group 3: Argentina's Economic Strategy - Argentina's economy minister emphasized the importance of the China-Argentina currency swap agreement, which has been in place since 2009 and has expanded significantly, providing crucial liquidity for imports and debt repayments [7]. - The bilateral trade relationship is underscored by China's dominance as the largest buyer of Argentine soybeans and its significant role in Argentine sorghum exports, with 99.2% of sorghum exports going to China [9]. Group 4: Infrastructure and Long-term Cooperation - Chinese investments in Argentina cover critical infrastructure projects, enhancing the country's energy and transportation sectors, which are vital for agricultural exports [9][11]. - The ongoing lithium mining project, supported by Chinese technology and funding, aims to increase local processing rates significantly, contrasting with U.S. demands for exclusive mining rights [13]. Group 5: Geopolitical Implications - The interplay between U.S. and Chinese interests in Argentina highlights the geopolitical tensions affecting trade dynamics, with Argentina caught between the two powers [15]. - The recent developments indicate a shift from purely market-driven interactions to a complex landscape involving financial, monetary sovereignty, and strategic resource considerations [15].

新华社北京10月20日电 美国总统特朗普19日说，美国可以进口阿根廷牛肉，以压低美国国内牛肉 价格。 据美联社报道，美国国内牛肉价格已连续多月居高不下，主要原因包括干旱以及从墨西哥进口减 少。由于担心墨西哥畜牧业出现的螺旋蝇蛆病疫情蔓延至美国，美国从5月11日起暂停从墨西哥进口活 体牛、马和野牛，7月短暂恢复进口，但很快因墨西哥新增一例牲畜感染病例再次暂停。 特朗普当天在总统专机"空军一号"上告诉媒体记者："我们会从阿根廷购买一些牛肉。如果我们这 样做，可以让国内的牛肉价格降下来。" 美国本月早些时候宣布，直接购入阿根廷比索并与阿根廷中央银行敲定200亿美元货币互换框架协 议。不过，特朗普14日在白宫会晤到访的阿根廷总统米莱时说，如果米莱未能赢得本月26日举行的国会 中期选举，美国将停止向阿根廷提供金融支持。据多家媒体分析，此番言论表明特朗普政府有意干预阿 根廷国内选举，助推米莱领导的执政联盟胜选。（卜晓明） ...

"十四五"时期，中国人民银行进一步深化金融改革和高水平对外开放，稳慎有序推进人民币国际 化，提高人民币国际化的质量和水平，推动人民币在跨境交易中被更广泛地使用，人民币国际地位和全 球影响力进一步提升。近日，《金融时报》记者专访中国人民银行宏观审慎管理局负责人，就"十四 五"时期，中国人民银行在推进人民币国际化方面的扎实工作和丰富成果展开深入交流。 《金融时报》记者：能否请您介绍一下"十四五"时期中国人民银行在推动人民币跨境及国际使用方 面取得的工作成效？ 中国人民银行宏观审慎管理局负责人："十四五"规划提出，要"稳慎推进人民币国际化，坚持市场 驱动和企业自主选择，营造以人民币自由使用为基础的新型互利合作关系"。中国人民银行按照党中 央、国务院部署，按照市场驱动、互利共赢原则，以服务实体经济、促进贸易投资便利化为导向，为经 营主体跨境交易提供更多币种选择。潘功胜行长在9月22日国新办举行的"高质量完成'十四五'规划系列 主题新闻发布会"上指出，"如果拉长一点周期来看，人民币国际地位稳步提升是近20年来国际货币体系 变革中的一个重要特征"。目前，人民币已成为我国对外收支第一大结算货币、全球第二大贸易融资货 币、第 ...

Core Viewpoint - The article discusses a significant currency swap agreement worth $20 billion between the United States and Argentina, aimed at stabilizing Argentina's economy and supporting President Milei ahead of the upcoming elections [5][8]. Group 1: Currency Swap Agreement - The agreement is referred to as a "currency swap," but many U.S. media outlets describe it as "emergency credit," essentially a loan from the U.S. Treasury to the Milei government [6][8]. - The currency swap allows for a controlled exchange, where funds can be accessed gradually rather than in a lump sum [7]. - This marks the first large-scale U.S. financial assistance to a foreign government in economic distress since the $20 billion loan to Mexico in 1995 [8]. Group 2: Argentina's Foreign Exchange Reserves - Argentina's reported foreign exchange reserves stand at $33 billion, but much of this is not readily available for market support [13]. - Of the $33 billion, $13 billion is in RMB for trade with China, and $12 billion is theoretical reserves from commercial banks, which could lead to a loss of confidence if misused [14]. - After accounting for these factors, Argentina's actual foreign reserves are only a few billion dollars, raising concerns about its fiscal health [15]. Group 3: Implications for China - The U.S. support for Argentina indirectly benefits China, as it is Argentina's largest trading partner and investor, with a currency swap agreement worth 130 billion RMB [22]. - The U.S. Treasury's commitment to stabilize the peso market is seen as a way to mitigate risks for Chinese investments in Argentina [22]. Group 4: Political Context - The article highlights the unusual nature of U.S. support for Argentina, a country not traditionally aligned with U.S. interests, especially under a "America First" administration [24]. - The support for Milei is viewed as part of a broader strategy to counter leftist movements in Latin America, with the success of his reforms being crucial for U.S. interests [25][26].

"十四五"时期，中国人民银行进一步深化金融改革和高水平对外开放，稳慎有序推进人民币国际化，提 高人民币国际化的质量和水平，推动人民币在跨境交易中被更广泛地使用，人民币国际地位和全球影响 力进一步提升。近日，《金融时报》记者专访中国人民银行宏观审慎管理局负责人，就"十四五"时期， 中国人民银行在推进人民币国际化方面的扎实工作和丰富成果展开深入交流。 中国人民银行宏观审慎管理局负责人："十四五"规划提出，要"稳慎推进人民币国际化，坚持市场驱动 和企业自主选择，营造以人民币自由使用为基础的新型互利合作关系"。中国人民银行按照党中央、国 务院部署，按照市场驱动、互利共赢原则，以服务实体经济、促进贸易投资便利化为导向，为经营主体 跨境交易提供更多币种选择。潘功胜行长在9月22日国新办举行的"高质量完成'十四五'规划系列主题新 闻发布会"上指出，"如果拉长一点周期来看，人民币国际地位稳步提升是近20年来国际货币体系变革中 的一个重要特征"。目前，人民币已成为我国对外收支第一大结算货币、全球第二大贸易融资货币、第 三大支付货币，在国际货币基金组织特别提款权（SDR）货币篮子中的权重位列第三。具体来看，主要 有以下几方面成效 ...

当地时间10月14日，特朗普在白宫会见了阿根廷总统米莱，二人签署了一份重大协议——总额200亿美 元的货币互换。 尽管名义上叫"货币互换"，但许多美国媒体都将该协议称为"紧急信贷"，说白了就是美国财政部贷款给 米莱政府。 略微不同之处在于，货币互换协议比较可控，得一点一点换，而不是一次性支付。 协议签署后，特朗普公开表示："我支持这个人（指米莱），因为他的理念是正确的。他可能会赢，也 可能不会赢——我认为他会赢。如果他赢了，我们就和他在一起，如果没有赢，我们就走了。" 特朗普所说的"输赢"是指即将于10月26日举行的阿根廷立法机构选举，倘若米莱及其盟友丢掉多数席 次，会在很大程度上丧失对本国经济事务的主导权。 值此千钧一发之际，美国果断向米莱施加援手，试图影响阿根廷选举结果。 这是自1995年克林顿政府向墨西哥提供200亿美元贷款以来，美国首次大规模救援陷入经济困境的外国 政府。 而根据特朗普高级经济顾问的说法，美国政府还直接购买了金额不详的阿根廷比索，是美国自1996年以 来第四次购买他国货币。 所有这些措施，均旨在稳定脆弱的阿根廷金融市场，为米莱撑腰打气。 一、货币互换协议 新闻里经常听到"人民币与某某货 ...

Core Points - The Trump administration is increasing support for Argentina's Milei government, with a new $20 billion private sector financing tool being prepared to support Argentina's debt market, alongside a previously announced $20 billion currency swap agreement, bringing total U.S. aid to approximately $40 billion this month [1][2] - U.S. Treasury Secretary Yellen confirmed that the new financing tool has been in preparation for several weeks and aims to help Argentina address upcoming debt repayments, with significant interest from banks and sovereign funds [2] - The U.S. Treasury has intervened in the foreign exchange market to support the Argentine peso, purchasing pesos for the second time in less than a week [1][3] Market Reactions - Following the announcement of U.S. support, Argentina's 2035 sovereign bonds rose nearly $0.02, trading above $0.59, while the peso briefly erased its losses [1] - Trump's comments linking U.S. aid to Milei's performance in the upcoming midterm elections caused market volatility, with the Merval index dropping over 4% and dollar-denominated bonds declining [4] Economic Context - The U.S. Treasury's intervention marks the first direct action in the foreign exchange market since 2011, emphasizing the urgency of supporting Argentina's economic reforms amid severe liquidity issues [3] - The currency swap agreement, valued at $20 billion, was finalized to provide immediate support to Argentina's economy, which is seen as strategically important to U.S. interests [3][5]

10月14日，特朗普威胁说如果米莱没赢得阿根廷中期选举，美国不会浪费时间援助阿根廷。特朗普还称 若米莱所在政党中期选举结果不佳，美国"就撤走"。 编辑张锦嫣制作王子轩 经常有读者朋友错过推送 阿根廷将在10月26日举行国会中期选举，改选众议院半数席位及参议院三分之一席位。近期米莱支持率 持续下滑，为争取更多席位，米莱政府与美国紧急协商援助计划。 9日美国宣布与阿根廷央行敲定200亿美元货币互换框架协议。不少阿经济界人士质疑美方借协议干涉阿 货币政策。 ...

美国政府10月9日购入阿根廷比索，并与阿根廷央行达成200亿美元货币互换框架协议。引发阿根廷舆论 担忧向美经济求援后果。 阿根廷央行前宏观经济分析部主任（Jefe de Análisis Macroeconómico）塞巴斯蒂安·梅内斯卡尔迪 （Sebastián Menescaldi）接受当地媒体采访表示，美财政部购入阿根廷比索及美阿达成货币互换框架协 议短期内消除了不确定性，能帮助阿央行节省用于稳定汇率的外汇储备。但他警告说，政府为换取美国 的支持做出了什么承诺还有待观察。（新华财经） 阿根廷经济学家迭戈·贾科米尼（Diego Giacomini）当天通过社交媒体表示，美财政部购入阿根廷比索 是"对阿货币政策的危险干涉"。他说："一个海外'巨头'能够不受任何约束地随意干预阿根廷的市场，这 本就不应该。如果它哪天改变主意反向操作，将能轻易引发严重的货币和汇率问题。" ...

（文章来源：新华社） 人民财讯10月10日电，美国财政部9日宣布直接购入阿根廷比索并与阿根廷央行敲定200亿美元货币互换 框架协议，在两国引发争议。美国民主党人指责说，总统特朗普支持外国政府的同时却令本国政府陷 入"停摆"。阿根廷经济界人士质疑美方借此干涉阿根廷的货币政策。 美国财政部长贝森特在社交媒体X平台上说，他与阿根廷经济部长路易斯·卡普托进行了为期4天的会 谈，最终达成协议。贝森特说，美国财政部已做好准备，随时采取任何必要措施"以稳定（阿根廷）市 场"，但他坚称此举不算"援助"。 ...