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Latin American Economy & Business - August 2015 (ISSN 1741-7430)
China’s crisis and Latin America
On 25 August Brazil’s Real fell to R$3.6/US$1, a twelve-year low. The Real was not the only victim of market worries over the economic slowdown in China: the Mexican and Colombian currencies also fell following the crash in Chinese stocks the previous day. The slowdown in the world’s second-largest economy now seems more profound than originally feared. With China having overtaken the US as Brazil’s top trading partner in 2009, the Real has been badly hit by China’s slowdown, losing 30% of its value against the US dollar this year. By comparison, the Mexican peso has lost 20% of its value, the Argentine peso around 10% and the Colombian peso over 30%
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- China’s crisis and Latin America