Mexico's central bank began auctioning off $52 million per day Wednesday in a bid to stabilize the rapidly devaluing peso, which had fallen to a historic low amid expectations of interest rate hikes in the United States.
The new auctions, which will last through June 8, are in addition to a mechanism that offers $200 million to slow the peso's fall when it drops at least 1.5 percent in a single day.
That mechanism has been used twice so far this year. Mexico has more than $194 billion in international reserves.
Wednesday's move appeared initially to . . .
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