UPDATE 1-China clears $6.5 bln as part of Argentina swap line deal

Argentina's central bank said on Wednesday that China has cleared a currency swap line totaling a freely accessible $6.5 billion, part of a broader deal the South American country has been using to help it defend the embattled local peso. The agreement with China has helped Argentina increase its depleted foreign currency reserves as it undergoes a major economic crisis, with annual inflation above 130% and central bank dollar reserves hitting negative levels.