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Latin American Currencies Slip Following Chinese Economic Boost

Currencies of resource-rich Latin American countries mostly declined on Monday after the Chinese government decided to implement its latest measure to support its flailing economy. The government halved stamp duty on stock trading in an effort to fuel demand.

Brazil’s real edged 0.2% against the U.S. dollar, while Chile’s peso declined 1.3% against the greenback, thereby backtracking from its first weekly gain in the last eight. Mexico’s peso is 0.2% lower ahead of its second-quarter GDP reading on Tuesday, while Peru’s sol fell by 0.2%.

Argentina’s peso rose to 728 per dollar after the South American nation received a new policy package from the International Monetary Fund. The new IMF package included payments of some $8 billion in August and December. Still, this cash influx would leave Argentina $7 billion short of its previous end-of-year 2023 target.

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