EMERGING MARKETS-Mexican and Colombian currencies rise on higher oil prices
By Bruno Federowski SAO PAULO, Feb 29 (Reuters) - Latin American oil producers Mexico and Colombia saw their currencies strengthen on Monday as China announced fresh stimulus measures and Saudi Arabia vowed to limit market volatility, pushing oil prices higher. China's central bank cut its reserve requirements ratio as it seeks to cushion a painful transition to a consumption-driven economy. Oil prices shot up 3 percent on Monday, boosting the Mexican peso , which rose 0.93 percent and the Colombian peso, which strengthened 1.44 percent. Saudi Arabia also said it would work with producers to limit market volatility and is committed to meeting a big part of global oil demand based on commercial consideration, according to state news agency SPA. Meanwhile, data showed U.S. crude oil production fell in December and Reuters survey reported lower crude output from OPEC in February. Chile's currency was down, due in part to a drop in the price of copper. Shares of Brazilian state-controlled oil company Petroleo Brasileiro SA rose, boosting the country's benchmark Bovespa stock index. An up to $10 billion credit line from China Development Bank could help Petrobras, as the company is known, pay nearly all its $12 billion in maturing debt in 2016, a source told Reuters on Friday. Key Latin American stock indexes and currencies at 2045 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 739.38 -0.09 -6.81 MSCI LatAm 1794.00 0.92 -2.85 Brazil Bovespa 42747.45 2.78 -1.39 Mexico IPC 43717.67 0.56 1.72 Chile IPSA 3715.84 0.11 0.97 Chile IGPA 18259.20 0.11 0.59 Argentina MerVal 13115.95 1.44 12.34 Colombia IGBC 9189.88 0.08 7.52 Venezuela IBC 16394.06 -2.54 12.38 Currencies daily % YTD % change change Latest Brazil real 4.0012 -0.1 -1.355 Mexico peso 18.1200 0.93 -4.91 Chile peso 695.8 -0.57 2.00 Colombia peso 3290.44 1.44 -3.68 Peru sol 3.5221 0.05 -3.07 Argentina peso (interbank) 15.7600 -1.78 -17.62 Argentina peso (parallel) 15.56 0.58 -8.29 (Reporting by Bruno Federowski, Froilan Romero, and Nelson Bocanegra; Additional reporting by Joanna Zuckerman Bernstein; Editing by W Simon and Andrew Hay)
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