# Argentina reserve buildup under Milei

> Live situation record from CLSTR: https://clstr.news/situations/argentina-reserve-buildup-under-milei
> Updated: 2026-08-05T15:09:05.000Z. Sources: 35. Developments: 2.

In early August 2026 the Banco Central de la República Argentina (BCRA) continued its aggressive dollar‑buying, purchasing US$28 million in a single day and adding roughly US$266 million to foreign‑exchange reserves. Cumulative purchases since January totalled about US$13.7 billion, lifting reserves to US$49.6 billion – the highest level under President Javier Milei and the strongest since 2019. The bank’s 2026 reserve target remains US$10‑17 billion.

The BCRA also renewed its currency‑swap line with the People’s Bank of China for 130 billion yuan (≈US$19‑20 billion), extending the facility from a three‑year to a five‑year term and keeping it in force until 2031. An active tranche of 35 billion yuan (≈US$5 billion) remains available to support financial stability, trade and investment. The renewal was signed on 5 August 2026 in Shanghai during a BIS symposium, a day before the previous contract expired, and does not affect gross reserves while providing greater predictability. Despite President Milei’s earlier rhetoric about distancing from China, the swap was preserved as a key source of foreign‑currency liquidity.

## Claims

- Argentina and China renewed a bilateral currency swap line for RMB 130 billion (≈ US$19‑20 billion). (corroborated by 18 sources)
- The renewed swap agreement has a five‑year term, extending the previous three‑year period. (corroborated by 18 sources)
- An activation of RMB 35 billion (≈ US$5 billion) started in early 2023 remains in force to support Argentina's financial stability and trade. (corroborated by 18 sources)
- The currency swap mechanism was first established in 2009 and has been renewed periodically. (corroborated by 18 sources)
- The swap allows Argentina to obtain yuan for import payments without using its own dollar reserves. (corroborated by 18 sources)
- Santiago Bausili is the governor of the Banco Central de la República Argentina (BCRA). (corroborated by 18 sources)
- The renewal is intended to provide greater predictability for the continuity of the swap tool. (corroborated by 18 sources)
- The swap renewal will not affect the BCRA's gross reserves. (corroborated by 18 sources)

## Timeline

### 2026-08-05: Argentina's central bank extends China swap to 20231, securing $20 bn in yuan

Argentina’s BCRA extended its yuan‑swap with China to five years (until 2031), covering 130 bn yuan (~$20 bn) and keeping a $5 bn active tranche, to boost reserve predictability and financial stability.

19 sources. https://clstr.news/cluster/argentina-extends-currency-swap-with-china-for-five-years

### 2026-08-03: Argentina's Central Bank reserves reach 7‑year high amid dollar purchases

Argentina's central bank bought US$28 million in its fifth straight day of purchases, raising reserves to US$49.642 billion – a 7‑year high and the highest since 2019, amid a target of US$10‑17 billion for 2026

18 sources. https://clstr.news/cluster/dominican-republic-and-colombia-keep-key-interest-rates-unchanged

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Cite as: Argentina reserve buildup under Milei. CLSTR, https://clstr.news/situations/argentina-reserve-buildup-under-milei