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Mexico vows to sell dollars to halt peso's slide
By E. Eduardo Castillo
Associated Press
via ABC News, New York
Tuesday, December 8, 2014
MEXICO CITY -- Mexico is ready to intervene in currency markets to fight the peso's fall against the dollar amid concerns over dropping oil prices and a possible increase in U.S. interest rates.
Mexico's Exchange Commission said that as of Tuesday, the government will hold a daily auction of $200 million whenever the peso falls at least 1.5 percent from the previous day.
The idea is to provide liquidity to a currency market that has been volatile in recent weeks. Experts attribute the instability to fears that investment in Mexico could slide in coming years in the face of lower oil prices and the possible flight of dollars away from Mexican debt toward higher interest rates elsewhere. ...
... For the remainder of the report:
http://abcnews.go.com/International/wireStory/mexico-vows-sell-dollars-h...
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