MercoPress. South Atlantic News Agency
As copper prices slide, the US dollar in Chile climbs to its highest value since 2003
As the world's main exporter of copper, sliding prices have hit the Chilean economy The US dollar reaffirmed its value in the Chilean money exchange market during the first week of the year, trading in the commercial sector at an average of 728 Pesos, almost at its highest level of 735 twelve years ago, 31 March 2003.
The greenback has been climbing steadily most of last year, and confirmed the tendency in the first week of 2016, as copper, Chile's main export has been sliding because of a weaker demand from China. International copper prices at the London Metals Exchange have fallen to their lowest since 2009.
To this must be added an overall slowing of most leading economies with the exception of the US, a few European countries and India.
Last week also saw the Chinese markets stumble, forcing trading to the suspended for several hours. The performance of the Chinese economy and markets had an impact in Wall Street and the European markets expectations.
Last but not least, market analysts expect Beijing to pump more liquidity into the economy to help with recovery, which means the Yuan will depreciate, making Chinese exports more competitive.
Top Comments
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Read all commentsYep Chile is screwed they have all their eggs in one basket.
Jan 12th, 2016 - 01:47 am 0Still the girls are great kissers and very sociable!
I have a few stories from Santiago lol.
Great time to offer free University to Socialist/Marxists layabouts.
Jan 12th, 2016 - 01:53 am 0Progs are so stupid.
They squander all the years of hard work that conservatives have done.
@1 Not exactly all the eggs but most of them. Something like 60 percent of the value of exports though only about 20 percent of GDP. But hard economic times and a thoroughly incompetent present government spell trouble for Chile.
Jan 12th, 2016 - 03:32 am 0I don't know what anyone sees in Santiasco. It's expensive, rude (mostly the lolos and the omnipresent flaites) , dirty, overcrowded, contaminated [mostly air] , riddled with graffiti and pickpockets, incompetent, awash in cheap but overpriced chinese junk, and bereft of anything interesting. If you want to eat well you have to find a Peruvian restaurant because the chilenos don't know how to cook or even how to present a proper plate of food.
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