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Further Measures To Prevent Peso Depreciation

ARGENTINA
  • Regulator CNV has banned investors who purchase US dollars in the parallel FX market from buying any other assets during the next 15 days, according to a statement published on its website: https://www.argentina.gob.ar/noticias/nuevas-disposiciones-sobre-operaciones-de-valores-negociables-con-liquidacion-en-moneda-4
  • The new rule would keep traders from taking advantage of the spreads between the FX rate used on bonds traded by the central bank (around ARS460/USD) and that of other bonds, which can reach about ARS490/USD. (BBG)
  • Separately, the government is asking China for an expansion of its bilateral currency swap in yuan as it seeks to build up central bank reserves in a bid to contain another peso selloff with inflation already running above 100%, according to two people with direct knowledge.
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