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.