Argentina has reached an agreement with China where it can access an additional $5 billion, providing some relief to the country's diminishing foreign reserves. The extension of the $18 billion bilateral currency swap for another year allows Argentina to receive the amount in Chinese yuan, helping stabilize its economy and currency, the peso. This deal alleviates the pressure on Argentina's reserves and facilitates payments for Chinese imports, as well as encourages Chinese investment in the country. The extension of the currency swap has drawn criticism from the U.S., with concerns raised about possible implications for IMF agreements. Despite this, China has defended the cooperation as mutually beneficial. Argentine President Javier Milei, known for his strong anti-China stance, is facing challenges balancing the country's relationships with both China and the U.S. in his pursuit of economic stability.