Chilean Peso Appreciates After China’s Factory Output Increases
Chile’s peso gained after a report showed an increase in factory output in China, the biggest customer for the South American country’s exports.
The currency appreciated 0.3 percent to 479.65 per U.S. dollar at 9:58 a.m. in Santiago. Copper for March delivery reached the highest in six weeks on a closing basis.
“Chinese manufacturing data added to arguments for an economic recovery, so markets are positive,” said Francisco Schneider, the head of foreign exchange at Celfin Capital SA unit in Santiago.
China’s official manufacturing index rose to the highest level in seven months as new orders and export demand climbed. China imports more Chilean copper than any other country and accounted for $1.6 billion of the Andean nation’s $4.4 billion in exports in October.
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