Argentina and Brazil’s plan to establish a common unit of account to increase bilateral trade and reduce their dependence on the dollar misdiagnoses the main impediments to both goals. Elsewhere, China's move to develop Bolivia's untapped lithium reserves is yet another example of how Beijing is trying to increase its access to key raw materials in a fractured world. Finally, we've revised up some of our currency forecasts in light of China's reopening. Those of the Andean countries are likely to be regional outperformers this year, while we think the Mexican peso will underperform.
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