MXN: Chinese Burn

February 2007 | Market Strategy

Mexican markets registered their worst single-day performance in almost seven years on February 27, as the shockwaves of an acute correction in Chinese equities was felt across the EM universe. The peso, in particular, broke through major support at MXN11.10/US$, trading at MXN11.18/US$ at yesterday's close, and is now at its lowest level since the conflict-ridden aftermath of the presidential elections last July. Chinese weakness has not been the only cause of investor concern in Mexico: comments by former US

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