The Mexican peso keeps heading south and the country’s government is taking swift action to stem the decline. Mexico’s central bank will auction off $52 million a day in a bid to stabilize the rapidly devaluing currency. Authorities say the new auctions will start Wednesday and last through June 8. The auctions will be in addition to a mechanism that offers $200 million to slow the peso’s fall when it drops at least 1.5% in a single day. That mechanism has been used twice so far this year. Mexico has over $194 billion in international reserves. The peso is trading at roughly 15 to the dollar.
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