Tag: currency
currencyTrade in local currencies and tariffs on the Mercosur agenda for discussion
Argentina Economy Minister Amado Boudou said that the idea of appealing to an only shared currency by Mercosur members generates ‘doubts’ given the European experience, and feels more inclined ‘to stimulate trade with local currencies”, so that each member country can take advantage of monetary policy macroeconomic instruments.
US dollar looses 1.85% against the Uruguayan Peso in May; 7.44% in five months
The US dollar continues to slide in the Uruguayan foreign exchange market having lost 1.85% in May vis-à-vis the Uruguayan peso, completing the steepest monthly drop so far in 2011.
China: Yuan at record high against US dollar; Power shortage and higher prices
China's Yuan has hit a record high against the US dollar after the US Treasury department said the Chinese currency was undervalued but not manipulated. The People's Bank of China (PBOC) fixed the Yuan's mid-point at 6.4856 against the US dollar on Monday.
BRICS calls for new global monetary system with less reliance on the dollar
The BRICS group of emerging-market powers kept up the pressure for a revamped global monetary system that relies less on the US dollar and for a louder voice in international financial institutions.
Brazil planning further taxing on the inflow of “speculative” foreign capital
The Brazilin currency rallied more than 1.0% on Friday closing at its strongest level since August 21, 2008. The Real jumped 1.16% to 1.612 per US dollar. The gains came after a Reuters report that the government has decided to tolerate a Real trading stronger than the 1.65-per-dollar market in the short term.
Cuba devalues currency 8% to boost exports and imports substitution process
Cuba devalued its convertible peso by 8% Monday to the level of parity with the US dollar as part of efforts to boost the island's flagging economy, the central bank said. Use of the convertible peso is limited to tourists and other foreigners, for Cubans who receive remittances from abroad and for export activity
IMF calls for Yuan and SDRs to play greater role in global finance
IMF chief Dominique Strauss-Kahn said the currencies of China and other emerging economies such as Brazil should play a greater role in global finance, as part of a bid to promote monetary stability
Rousseff blasts US and China’s currencies’ “competitive depreciation” policies
Emerging market countries such as Brazil and Argentina must take a stronger position against “competitive depreciations,” Brazilian President Dilma Rousseff told Argentine press on Sunday.
France and Germany Committed to European Single Currency
European leaders and business people met on Thursday at the World Economic Forum in Davos, Switzerland. President Sarkozy said both he and German Chancellor Angela Merkel were firm in their commitment to the European single currency.
Slow Start To Chile’s Tourism Season; fewer Argentines than expected
With its vast array of natural attractions and top-class services, Chile is an attractive tourism destination for Latin Americans, as well as global visitors.
