Core Viewpoint - Argentina's central bank has conducted its largest single-day dollar sale in nearly six years, selling $678 million to support the peso amid political instability and high demand for dollars from institutional investors [3]. Group 1: Central Bank Actions - The recent intervention of $678 million marks the largest single-day sale since October 2019, bringing the total sales over the past three days to $1.1 billion [3]. - The central bank aims to manage liquidity within its floating exchange rate range, with the peso hovering at historical lows [3]. - Economic Minister Luis Caputo stated that the central bank will sell every dollar in reserves at the upper end of the exchange rate range [3]. Group 2: Market Reactions - The official exchange rate for the peso closed at 1474.75 per dollar, near the upper limit of the exchange rate range, while the parallel market saw the peso drop to a historical low of 1520 per dollar, reflecting a weekly depreciation of over 6% [3][5]. - Analysts estimate that if the current pace of dollar sales continues, reserves could decrease by approximately $10 billion before the elections, which is about 70% of the funds already disbursed by the IMF [5]. Group 3: Economic and Political Context - The deteriorating market environment raises investor skepticism ahead of the critical mid-term elections in October, which may affect President Javier Milei's ability to secure necessary congressional support for his reform agenda [3]. - The "country risk" indicator has risen to its highest level since August 2024, hovering around 1500 basis points, with off-market bonds averaging a decline of 1.4% and a cumulative drop of 9.2% for the week [5]. Group 4: Political Implications - President Milei emphasized the importance of stabilizing the peso, stating that he will do everything possible to protect the quality of life for Argentinians [7]. - The government's recent electoral defeats have raised concerns among investors, as they are seen as a precursor to the upcoming congressional elections [9][10].
突然！最大规模，救市！
Zhong Guo Ji Jin Bao·2025-09-20 16:10