阿根廷比索：重挫突破交易区间，干预或耗外汇储备

Core Viewpoint - The Argentine peso has significantly depreciated, breaching the government-set trading band, which may disrupt the government's policies aimed at controlling inflation and accumulating foreign reserves [1] Group 1: Currency Performance - The Argentine peso fell nearly 0.4% against the US dollar, reaching 1,474.50 pesos per dollar, surpassing the upper limit of the trading band set at 1,474.345 pesos per dollar [1] - This trading band is part of a $20 billion agreement reached between Argentina and the International Monetary Fund in April [1] Group 2: Government Response - The government, led by President Javier Milei, has attempted to prevent peso depreciation through measures such as tightening liquidity, selling dollars in the futures market, and restricting dollar purchases [1] - With the trading band breached, the central bank is now allowed to intervene directly in the spot market, which will deplete valuable foreign reserves [1] Group 3: Expert Opinions - Thierry Larose, a portfolio manager at Vontobel Asset Management, warned that defending the trading band could be costly [1] - Larose suggested that it may be better for the government to raise the trading band and lower local interest rates to avoid recession while maintaining fiscal sustainability [1] - He emphasized the importance of conducting these changes in an orderly manner to prevent exhausting foreign reserves in a battle that is unlikely to be won [1]