Brazilian President Michel Temer said on Thursday there was no risk of a currency crisis in Latin America's largest economy despite sharp falls in the exchange rate, while the central bank chief pledged to maintain the bank's intervention in the market.
The recent rise of the dollar in Argentina had some impact in Uruguay, where it has an accumulation of 7.4% in May. However, for the president of the Central Bank of Uruguay, Mario Bergara, the escalation only owes 20% to the exchange rate in Argentina and rather considers that Uruguay is accompanying global trends.
The markets of China, Ukraine, Argentina, South Africa and Turkey are the most vulnerable among all developing countries in terms of financing needs, reserve adequacy, asset valuation, institutional quality and trade resilience, according to a review by the analysts of the Institute of International Finance (IIF).
United States announced it will press for further appreciation of the Yuan arguing the currency is undervalued, while declining to brand China a manipulator of its exchange rate.
China assured the United States that it will continue moving toward a more flexible Yuan exchange rate, a US Treasury official said on Tuesday. The announcement came as the Central bank set the Yuan reference rate at the strongest level since 2005.