Brazil has launched a fresh attempt to limit the appreciation of its currency, as fast-growing economies renew efforts to restrict damaging inflows of “hot money”.
In an effort to curb speculative trading, the central bank announced that domestic banks would have to hold higher reserve requirements against foreign exchange positions.
The move follows Chile’s decision this week to intervene in currency markets to hold down the peso. Chile has traditionally taken a hands-off attitude to its floating exchange rate.
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