Economics
Chilean Peso Drops to 12-Year Low as Copper Declines on China
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Chile’s peso fell to a 12-year low as copper plunged amid concern that China, the biggest buyer of the metal, is growing more slowly than official data suggest.
The peso slid 0.9 percent to 690.26 per U.S. dollar at 11:58 a.m. New York time. It was on course for its lowest close since 2003, when it weakened in the aftermath of the Asian crisis and Argentina’s default. Copper, which accounts for half of Chile’s exports, fell 1.6 percent in New York to a six-year low of $2.314 a pound. Three-month inflation-linked swaps slid