Trade with China totalled USD 1,358 million in June 2020 and accounted for 13.9% of local shipments and 21% of Argentine purchases, according to the Institute of International Strategy (IEI) of the Chamber of Exporters. National exports totalled USD 666 million in June (+51.7% year-on-year increase) and imports USD 692 million (-10.8%), registering a deficit for Argentina of USD 26 million. On 7 Aug. 2020, Argentina's Central Bank has confirmed it has renewed a currency swap agreement with the Bank of China for another three years, a move that will help to maintain the country's international reserves. The amount of the swap amounts to USD 18.5 billion. On the other hand, last month Argentine Foreign Ministry officials met with Huawei’s CEO in Argentina to discuss the company's investment in the country and the impact of 5G technology.