Neither the Brazilian real nor the Argentine peso together manage to beat the superweight in volume of operationsaccording to the survey of foreign exchange markets carried out every three years by the Bank for International Settlements (BIS).
Known as the bank of central banks, The BIS released last October the results of the survey in which 52 monetary authorities participated.
The Mexican peso ranked 16th in the list of currencies with the highest transactions on the planetwhose operating volume reached 114 billion US dollars per day, 3% more than in the survey applied three years ago.
This is because the transactions of the superweight occur around the world 24 hours a day, Monday through Friday, under good operating and liquidity conditionsexplains the Bank of Mexico (Banxico).
That is to saythe peso is very easy to buy and sell in global financial marketswhich paradoxically has become its main vulnerability in times of global uncertainty, as it tends to overreact to the dollar.
“The credibility in the conduct of economic and exchange policy in our country is of the utmost importance, since it constitutes a fundamental pillar to promote the development observed in the exchange market for the Mexican peso,” says the institution headed by Victoria Rodríguez Ceja.
The most traded currencies on the planet are the US dollar, the euro, the Japanese yen, the British pound, the Chinese renminbi, the Australian dollar, the Canadian dollar and the Swiss francin that order.
The BIS survey revealed that the Brazilian real ranked 19th among the currencies with the largest global operation, whose average amount reached 66 billion dollars per day; while, in the case of the Argentine peso, the average was one billion.
JM
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