In a significant move signifying potential political change, Argentina is set to welcome its new president, Javier Milei, on 10th December 2023. The event, which is expected to draw a vast array of international attendees, will see Uruguay's President Luis Lacalle Pou making his presence felt.Unveiling of a New Political EraJavier Milei's victory in the elections has set the stage for an anticipated shift in the political landscape of Argentina. Milei has priorly announced plans to visit the United States and Israel before his official swearing-in, suggesting an active global outreach effort.Milei's speech to the nation, touted to occur on his inauguration day, is keenly awaited for insights into his presidential tenure's anticipated direction. As Argentina braces for a new political chapter, the world watches with bated breath.Strengthening Diplomatic TiesUrugu...

Major state-owned banks in China have nudged the needle in the foreign exchange markets, swapping yuan for US dollars in the onshore swap market, only to sell those dollars in the spot market. This activity, observed on Tuesday, December 5th, is speculated to be a strategic move to bolster the Chinese yuan. The intent is to accelerate the yuan's recovery and incentivize domestic exporters to convert their foreign exchange earnings into the local currency as the year-end looms.State Banks' Intervention and the Yuan's PerformanceThe Chinese yuan had a stellar performance in November, strengthening by 2.55 percent against the dollar - its most impressive month of the year. Despite this, the yuan has been trailing by 3 percent year-to-date. The latest move by the banks is seen as an effort to reverse this trend and accelerate the yuan's recovery. It's worth noting that th...