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February2024
INTERNATIONALMONETARYFUND
IMFCountryReportNo.24/41
CHILE
2023ARTICLEIVCONSULTATION—PRESSRELEASE;STAFFREPORT;ANDSTATEMENTBYTHEEXECUTIVEDIRECTORFORCHILE
UnderArticleIVoftheIMF'sArticlesofAgreement,theIMFholdsbilateraldiscussionswithmembers,usuallyeveryyear.Inthecontextofthe2023ArticleIVconsultationwithChile,thefollowingdocumentshavebeenreleasedandareincludedinthispackage:
·APressReleasesummarizingtheviewsoftheExecutiveBoardasexpressedduringitsFebruary5,2024,considerationofthestaffreportthatconcludedtheArtideIV
consultationwithChile.
TheStaffReportpreparedbyastaffteamoftheIMFfortheExecutiveBoard's
considerationonFebruary5,2024,followingdiscussionsthatendedonNovember20,2023,withtheofficialsofChileoneconomicdevelopmentsandpolicies.Basedon
informationavailableatthetimeofthesediscussions,thestaffreportwascompletedonJanuary17,2024.
●AnInformationalAnnexpreparedbytheIMFstaff.
·AStaffSupplementupdatinginformationonrecentdevelopments.
·AStatementbytheExecutiveDirectorforChile.
TheIMF'stransparencypolicyallowsforthedeletionofmarket-sensitiveinformationandprematuredisclosureoftheauthorities'policyintentionsinpublishedstaffreportsandotherdocuments.
Copiesofthisreportareavailabletothepublicfrom
InternationalMonetaryFund·PublicationServicesPOBox92780·Washington,D.C.20090
Telephone:(202)623-7430·Fax:(202)623-7201
E-mail:publications@imforgWeb:
Price:$18.00perprintedcopy
InternationalMonetaryFund
Washington,D.C.
◎2024InternationalMonetaryFund
PRESSRELEASE
PR24/38
IMFExecutiveBoardConcludes2023ArticleIVConsultation
withChile
FORIMMEDIATERELEASE
Washington,DC-February6,2024:TheExecutiveBoardoftheInternationalMonetary
Fund(IMF)concludedonFebruary5,2024,theArticleIVconsultationtwithChile.
Macroeconomicimbalancesbuiltduringthepandemichavebeenlargelyresolved,supportedbytightermacroeconomicpoliciesdeployedduringlate2021-22.Asdomesticdemand
normalized,economicactivitystabilizedinthesecondhalfof2023,yieldinganestimatedzeropercentrealGDPgrowthfortheyear.Inflationandcurrentaccountdeficitshavesignificantlydeclinedin2023.Thefinancialsectorremainsresilientdespitetheeconomicslowdownandtightfinancialconditions.
Growthisexpectedtopickuptocloseto2percentin2024and2-2.5percentinthemediumterm.Inflationisprojectedtoconvergetothe3-percenttargetin2024.Keyexternalrisksare
theuncertaintiesaroundthepotentiallyhigher-for-longerinterestratesinadvanced
economies,agrowthslowdowninmajortradingpartners,andtheintensificationofregionalconflictsintheworld.Domestically,politicalpolarizationandfragmentationcouldleadto
continuedreformgridlock.Socialdiscontentoverinequalityandthesecuritysituationremainsprevalent.Uncertaintyrelatedtothesolvencyofprivatehealthinsurancecompaniesisalsoaconcern.Ontheupside,theclosureoftheconstitutionalreformprocessissettoreducenear-andmedium-termdomesticuncertainty.Moreover,Chilecanbenefitfromtheglobalgreen
transitiongivenitsrichendowmentwithcopper,lithium,andrenewableenergyforwhich
demandissettorise.
Policieshavesupportedmacroeconomicstability.Inthecontextofdisinflationacceleration,
theCentralBankofChileloweredthemonetarypolicyrateby400basispointssinceJuly
2023.Theheadlinefiscalbalanceisestimatedtodeclinetoabout-2.5percentofGDPin2023duetoweakertaxrevenuesamidaneconomicslowdown,lowercopperprices,andother
transitoryfactors.The2024budgetenvisionsamoderatedeficitreductionwithinamedium-termfiscalplantoabroadlybalancedfiscalpositionby2026.Theongoingimplementationofthecountercyclicalcapitalbufferwillstrengthenfinancialresilienceinperiodsofstress.
1UnderArticleIVoftheIMF'sArticlesofAgreement,theIMFholdsbilateraldiscussionswithmembers,usuallyevery
year.Astaffteamvisitsthecountry,collectseconomicandfinancialnformation,anddiscusseswithofficialsthe
countryseconomicdevelopmentsandpolicies.Onreturntoheadquarters,thestaffpreparesareport,whichforms
thebasisfordiscussionbytheExecutiveBoard.
70019thStreetNW
Washington,DC20431
USA
IMF.org
2
ExecutiveBoardAssessment2
ExecutiveDirectorsexpressedcondolencesaboutthetragiclossoflifeanddevastation
causedbythemassiveforestfires.Directorswelcomedtheauthorities’verystrongpoliciesandpolicyframeworks,supportedbytheprecautionaryFCLarrangement,whichwere
instrumentalinresolvingimbalancesandsteeringtheeconomytowardpotentialgrowthandtargetedinflationinachallengingexternalenvironment.Theycommendedtheauthorities’
reformplanstoraiseinvestmentandproductivity,increasefiscalrevenuesforpriority
spending,reduceinequality,improvepensionadequacy,andtransitiontoagreenereconomy.
Directorswelcomedtheauthorities’commitmenttoreachabroadlybalancedfiscalpositionby2026andkeepdebtbelowtheprudentdebtceilingof45percentofGDP.Theywelcomedthe
proposedreformstostrengthentaxcomplianceandenhancespendingefficiency,and
stressedthatadditionalmeasureswillbeneededtoachievetheauthorities’medium-termfiscalplanandfinancesocialneedsandsecuritypriorities.Directorsnotedtheimprovedpensionadequacyforlow-incomepensionersfollowingthehigherminimumpensionandemphasizedthatraisingpensioncontributionratesiscriticaltoensuretheadequacyof
self-financedpensionsandthesustainabilityofthepensionsystem.Theyalsoencouragedtheauthoritiestocontinuetorefinefurthertheiralreadystrongfiscalframework.
Directorscommendedthecentralbank’srobustpoliciesthatledtoadecisivedeclinein
inflationtowarditstarget,emphasizingthatthepaceoffurthermonetaryeasingshouldremaindatadependent.Theystressedthattheflexibleexchangerateremainsparamountfor
absorbingshocksandcalledforresumingtheinternationalreserveaccumulation,when
marketconditionsareconducive,anddevelopingalong-termreservestrategytofurther
strengthenresilienceagainstexternalshocks,whileafewcalledforanearlierresumptionoftheaccumulationstrategy.
Directorsagreedthatthefinancialsectorremainsresilient.TheywelcomedtheongoingimplementationofBaselIIIcapitalandliquidityrequirements,theactivationofthe
countercyclicalbuffer,andeffortstoestablishanindustry-fundeddepositinsuranceandanewbankresolutionframework,whilecallingforcontinuedmonitoringofthevulnerabilitiesin
constructionandrealestatesectors.Directorsstressedtheimportanceofcontinuingtoadaptfinancialregulationandsupervisiontothechangingfinancialsectorlandscape.
Directorssupportedtheauthorities’reformplansforamoredynamic,greener,andinclusiveeconomy.Theyunderscoredtheneedtofosterinvestmentandwelcomedtheeffortsto
streamlinepermittingprocesses.DirectorscommendedChile’sprogressandambitionsin
developingrenewableenergy.TheynotedthatthehigherglobaldemandforlithiumandothercriticalmineralsoffersneweconomicopportunitiesforChileandstressedtheimportanceof
swiftlyimplementingaclearandbalancedinstitutionalframework.Directorswelcomedtheimprovementsingenderequalityandencouragedadditionaleffortstofurthernarrowlabormarketgendergaps.
2Attheconclusionofthediscussion,theManagingDirector,asChairmanoftheBoard,summarizestheviewsof
ExecutiveDirectors,andthissummaryistransmittedtothecountry'sauthorities.Anexplanationofanyqualifiersusedinsummingsupcanbefoundhere:
http://www.IMF.org/external/np/sec/misc/qualifiers.htm.
3
Table1.Chile:SelectedEconomicIndicators,2022-26
GDP(2022),inbillionsofpesos
GDP(2022),inbillionsofU.S.dollarsPercapita(2022),U.S.dollars
Population(2022),inmillions
Mainproductsandexports
Keyexportmarkets
263
301
15,166
19.8
Copper
China,Euroarea,U.S.
Quota
inmillionsofSDRsin%oftotal
1,744
0.37
Proj.
20222023202420252026
Output(Annualpercentagechange)
RealGDP
Outputgap(inpercent)
Employment
Unemploymentrate(annualaverage)
2.4
2.7
7.9
0.0
0.2
8.8
1.9
-0.3
(Inpercent)8.9
2.5
-0.1
8.4
2.4
0.0
7.7
Prices
GDPdeflator
ChangeofCPI(endofperiod)
ChangeofCPI(periodaverage)
PublicSectorFinances
Centralgovernmentrevenue
Centralgovernmentexpenditure
Centralgovernmentfiscalbalance
Centralgovernmentgrossdebt
Publicsectorgrossdebt1/
MoneyandCredit
M2
Credittotheprivatesector
BalanceofPayments
Currentaccountbalance(%ofGDP)2/
Foreigndirectinvestmentnetflows(%ofGDP)2/Grossexternaldebt(%ofGDP)3/
6.6
12.8
11.6
26.1
25.0
1.1
38.0
67.3
4.0
10.0
-9.0
-2.7
77.6
(Annual6.53.9
7.6
(In23.125.6-2.539.2
68.5
(Annual5.3
2.8
(In-3.2
-1.8
73.1
percentagechange)
3.93.63.03.0
3.33.0
3.4
3.0
3.0
24.0
24.5
-0.5
41.1
70.4
5.8
6.7
-3.2
-2.1
74.2
percentofGDP)23.8
25.9
-2.1
40.5
69.8
24.0
25.4
-1.4
40.7
70.0
percentagechange)
4.86.2
5.07.1
percentofGDP)-3.4
-2.2
74.4
-3.3
-2.2
74.1
Sources:CentralBankofChile,MinistryofFinance,HaverAnalytics,andIMFstaffcalculationsandprojections.
1/Includesliabilitiesofthecentralgovernment,theCentralBankofChileandpublicenterprises.ExcludesRecognitionBonds.
2/CalculatedasashareofUS$GDP.
3/DatafromDipresforthegovernmentandfromBCChforallothersectors.CalculatedasashareofUS$GDP.
January17,2024
INTERNATIONALMONETARYFUND
CHILE
STAFFREPORTFORTHE2023ARTICLEIVCONSULTATION
KEYISSUES
Context.Macroeconomicimbalancesbuiltduringthepandemichavebeenlargely
resolved,supportedbystrongpolicyresponses.Inequalityhasdeclinedsomewhatbut
remainshigh.Weakinvestmentandpotentialgrowthareconstrainingincome
convergencetoadvancedeconomies.Policyprioritieshaveshiftedtowardmakingtheeconomymoredynamic,inclusive,andgreener,butthegovernmentisstrugglingto
passreformsinafragmentedparliament.TheDecemberreferendumwhichrejectedthedraftconstitutionhasreducedlingeringuncertaintybybringingtheprocesstoacloseforthecomingyears
Outlookandrisks.Theeconomyistransitioningtotrendgrowthandtargeted
inflation.However,theoutlookiscloudedwithrisks.Keyexternalrisksareuncertaintiesaroundthepotentiallyhigher-for-longerinterestratesinadvancedeconomies,a
growthslowdowninmajortradingpartners,andtheintensificationofregionalconflictsintheworld.Domestically,politicalpolarizationandfragmentationcouldleadto
continuedreformgridlock.Socialdiscontentoverinequalityandsecurityremainsprevalent.Moreover,uncertaintyrelatedtothesolvencyofprivatehealthinsurancecompaniesisaconcern.Ontheupside,Chilecanbenefitfromtheglobalgreen
transitiongivenitsrichendowmentwithcopper,lithium,andrenewableenergyforwhichdemandissettorise.
Keypolicyrecommendations.
Monetaryandexchangeratepolicy.Followingthestartoftheeasingcycleinthe
contextofdisinflationacceleration,thepaceoffurthermonetaryeasingshould
continuetobedata-dependentandrealrateswilllikelyneedtoremainabovetheirneutrallevelsforthenearfuture.Thecentralbankshouldresumetheaccumulationofinternationalreserves,whenmarketconditionsareconducive,tostrengthenexternalbuffersanddevelopalonger-terminternationalreservestrategy.
Fiscalpolicy.WhileChilehassomefiscalspacetosupportthereactivationofthe
economyandsocialneeds,abitmorefrontloadingofthedeficitreductionwould
facilitatemeetingitsmedium-termfiscaltarget.Permanentspendingmeasuresshouldbeconditionedonstructuralrevenueperformancetopreservefiscalsustainability.
CHILE
2
INTERNATIONALMONETARYFUND
RefinementstoChile’salreadystrongfiscalframeworkwouldenhancetheresilienceoffiscalpolicy,includinginthecontextofproposedgradualdecentralization.
Financialsectorpolicies.Thefinancialsystemremainsresilient,butvulnerabilitiesinsomesectorswarrantcontinuedclosemonitoringasdoesbanks’implementationofBaselIIIrequirementsand
theirpreparationfortheunwindingofpandemicliquiditymeasures.Calibratingtheneutrallevelofthecountercyclicalcapitalbufferswiftlyisimportanttoprovidebankswithplanningcertainty.
Progresswiththeimplementationofkey2021FSAPrecommendationsaswellaskeepingpacewithfinancialregulationandsupervisionrelatedtothedigitalizationofthefinancialsectorwillenhanceresilience.
Structuralreforms.Promotinginvestmentisapriorityandongoingeffortstotacklelong
permittingprocessesarecritical.Developingrenewableenergyandlithiumindustries,inthecontextofclearandbalancedinstitutionalframeworks,willallowChiletobenefitfromnewgrowth
opportunitiesduringtheglobalgreentransition.Taxreformsareneededtosustainablyfinance
socialneeds,securitypriorities,andgreeninfrastructure.Raisingpensioncontributionratesremainscriticaltoensureadequateself-financedpensionsandthesustainabilityofthepensionsystem.
CHILE
3
INTERNATIONALMONETARYFUND
ApprovedBy
PatriciaAlonso-Gamo(WHD)andBergljot
Barkbu(SPR)
DiscussionstookplaceinSantiagoduringNovember7–20,2023.The
teamcomprisedAndreaSchaechter(Head),LuizaAntoundeAlmeida
andSiGuo(allWHD),EduardoCameroGodinez(FAD),MartinaHengge(SPR),andTatsushiOkuda(MCM).LuisOscarHerreraandAndrea
Mostajo(OED)alsoparticipatedinthediscussions.Themissionmet
withCentralBankofChilePresidentRosannaCosta,MinisterofFinanceMarioMarcel,MinisterofEconomy,DevelopmentandTourismNicolásGrau,MinisterofLaborandSocialSecurityJeannetteJara,Ministerof
SocialDevelopmentandFamilyJavieraToro,MinisterofEducation
NicolásCataldo,Chairsofregulatoryandsupervisorybodiesandotherseniorofficials,privatesectorrepresentatives,industry,labor
organizations,thinktanks,academics,andparliamentarians.Natalia
Martinez-CameloandNomuunTuvaan(bothWHD)providedresearchandadministrativesupport.
CONTENTS
CONTEXT
5
RECENTECONOMICDEVELOPMENTS
5
OUTLOOKANDRISKS
9
POLICYDISCUSSIONS
10
A.BringingInflationBacktoTarget
10
B.CreatingRoomforNewSpendingNeedsWhilePreservingFiscalSustainability
11
C.StrengtheningFinancialSectorResilience
14
D.PoliciesforaMoreDynamic,Inclusive,andGreenerEconomy
17
STAFFAPPRAISAL
21
BOXES
1.PactforEconomicGrowth,SocialProgressandFiscalResponsibility
12
2.SelectedRecentEnhancementstoChile’sFiscalFramework,2019-23
15
FIGURES
1.EconomicActivity
24
2.ExternalSector
25
3.InflationandMonetaryPolicy
26
4.FinancialMarkets
27
5.FinancialSector
28
6.RealEstateSector
29
CHILE
4
INTERNATIONALMONETARYFUND
TABLES
1.SelectedSocialandEconomicIndicators
30
2.SummaryOperationsoftheCentralGovernment
31
3.BalanceofPayments
32
4.MonetarySurvey
33
5.Medium-TermMacroeconomicFramework
34
6.FinancialSoundnessIndicators
35
7.IndicatorsofExternalVulnerabilities
36
ANNEXES
I.Recommendationsof2022ArticleIVConsultationandAuthorities’Actions
37
II.RiskAssessmentMatrix
38
III.ExternalSectorAssessment
40
IV.2022FXIntervention:RoleoftheNDFMarket
43
V.NationalLithiumStrategy
46
VI.GenderPayGap
48
VII.TheImpactofIncreasedHouseholdBenefitsonPoverty
52
VIII.SovereignRiskandPublicDebtSustainabilityAnalysis
58
IX.ImplementationStatusof2021FSAPKeyRecommendation
67
CHILE
5
INTERNATIONALMONETARYFUND
CONTEXT
1.Policyprioritieshaveshiftedtowardmakingtheeconomymoredynamic,inclusive,and
greener,astheeconomyisapproachingtheendofitsadjustmentcycle.Macroeconomicimbalancesbuiltduringthepandemichavebeenlargelyresolved,supportedbytightened
macroeconomicpoliciessince2022,consistentwithpastFundadvice(AnnexI).Thetwo-yearFlexibleCreditLine(FCL)arrangementapprovedinAugust2022hassubstantiallyaugmentedprecautionarybuffersandprovidedinsuranceagainsttailrisks.Weakinvestmentandtimidpotentialgrowthare
constrainingincomeconvergencetoadvancedeconomies.Inequalityhasdeclinedbutremainshigh.FacingstrongresistanceinapolarizedCongress,thegovernmentistakingamorepragmatic
approachtoitsambitiouspolicyagendaformoreequityandinclusionbyadvancinginitiativesfor
investment,anti-taxevasion,spendingefficiency,climatechangeandfinancialsystemresiliencethatcouldgarnerbroad-basedsupport.
2.Theclosureoftheconstitutionalprocessissettoreducenear-andmedium-term
uncertainty.InDecember2023,over55.7percentofvotersrejectedanewdraftconstitution.Givenwidespreadfatigueaboutthelongconstitutionalreformprocessthatwaslaunchedinresponsetothe2019socialprotestsandincludedtworeferendums,allpoliticalpartiesannouncedtoputthe
processonholdforseveralyears.However,proposalsforamendmentsmayresurfaceinthelongerterm.
RECENTECONOMICDEVELOPMENTS
3.Economicactivitystabilizedin2023H2.Threeconsecutivequartersofnegativegrowth(yoy)since2022Q4,amidtightenedmonetaryandfiscalpolicyin2022,havelargelycorrectedtheimbalancesfromanoverheatedeconomyin2021.GDPgrowthdeceleratedto2.4percent(yoy)in2022and-0.7percent(yoy)in2023H1,ledbythenormalizationofprivateconsumptionand
investment(Figure1).Economicactivityresumedexpansionin2023Q3by0.6percent(yoy),ledbyminingandutilitysectors.Annualgrowthin2023isexpectedtobearoundzeropercent.The3-
monthaverageunemploymentrate(seasonallyadjusted)edgedhigherto9.0percentinNovemberfrom8.2percentayearago,withtheemploymentratestillabout2.5percentagepointsbelowits
pre-pandemiclevel.
4.InflationisfallingrapidlyandtheBCChstarteditseasingcycleinJuly.Disinflation
acceleratedsinceAprilwithheadlineinflationdecliningto3.9percent(yoy)inDecember2023,fromapeakof14.1percentinAugust2022,ledbyfood,energy,andothergoodsitems.Coreinflation
(excludingvolatileitems)hascomedownmoreslowlyto5.4percent(yoy).Theslowerconvergenceofcoreinflationiscomparabletopreviousdisinflationepisodes(textchart).Itcanbelargely
attributedtoservicepriceindexationandthecatching-upofrealwagestocompensateforthedeclineinthelaborshareduringthehigh-inflationepisode(Figure3).TheBCChloweredits
monetarypolicyratefrom11.25percentto8.25percentbetweenJulyandDecember,inlinewiththedeclineininflationexpectations(textchart).
CHILE
5.Highinequality,oneofthemaindrivingforcesbehindthe2019socialunrest,hascomedownslightlybutnotonallfronts.Thepovertyratefellsignificantlyontheheelsofhousehold
subsidiesandthenewminimumguaranteedpension(PGU)(AnnexVIl.However,incomeinequality,measuredbytheGinicoefficients,remainssubstantiallyhigherthantheOECDaverage(texttable).Whileeducationspendinghasincreased,publicsatisfactionwitheducationservicesdeclined.Gendergapsinemploymentandrepresentationinparliamenthavenarrowed,theshareoffemalesenior
executivesinthepublicsectorhasincreasedfrom30to41percentoverthepasttwoyearsand
genderinequalitytargetsareincludedinthesovereignsustainability-linkedbondswhileasizeablegenderpaygappersists(AnnexVI).
Chile:InequalityandIndusivenessIndicators
200620172022
OECD
Average(2022)
ncomeinequalityandpoverty
Ginicoefficient(incomebeforetaxandsubsidy)
Ginicoefficient(incomeaftertaxandsubsidy)
Povertyrate(%,basedonnationalpovertyline)
Genderinequality
Genderunemploymentrategap(%)
Genderlaborforceparticipationrategap(%)
Proportionofparlimamentseatsheldbyfemale(%
Youthwell-being
Youth(aged15-24)unemploymentrate(%)
Youth(aged15-29)notineducation,employmentortraining(%)
Healthandeducation
Publiceducationspendingasshareoftotaleducationspending(%)
Healthspendingfinancedbyvoluntaryschemeorout-of-pocketpayment(%GDP)
Perceptionofpublicservices1/
Citizenssatisfactionwithhealthcaresystem(%
Citizenssatisfactionwitheducationsystem(%)
Citizenssatisfactionwiththejudicialsystem(%)
0.509
0.498
28.7
4.3
32.0
15.0
22.1
23.63/
50.45/
2.8
0.495
0.484
8.5
0.9
20.5
15.8
16.8
18.4
60.8
3.6
43
61
20
0.480.476.5
1.0
18.6
35.5
17.8
-4/
63.63.4
486/506/236/
0.472/
0.312/
0.7
10.4
13.8
12.7
82.52
2.2
68
67
56
SourcesOECD,CASEN2022andUNSDG.
/Theaccuracyofperception-basedindicatorscouldbebiasedbyrespondents'viewsratherthanfacts.
2/Datarefersto2019
3/Datarefersto2009
4/LatestavailabledatafromtheOECDforChileis2020(23.4percent)withtheincreaselikelyreflectingthepandemicimpact.TheLaborForceStatisticsdatasetcompiled
bytheInternationalLabourOrganization(ILO)showsthatChile'syouthNEET(aged15-24)changedfrom17.5percentin2016to19.2percentin2020and14.4percentin
2022.
5/Datarefersto2005
6/Datarefersto2021
6.Theheadlinefiscalbalanceisexpectedtodeterioratetoadeficitof2.5percentofGDP
in2023,slightlybetterthanthe2.7percentofGDPtargetedinthebudget.Thesharp
turnaroundfromasurplusof1.1percentofGDPin2022mainlyreflectsweakertaxrevenuesamid
6INTERNATIONALMONETARYFUND
CHILE
theeconomicslowdown,lowercopperprices,andthefadingofone-offeffects.Higherspending
relatedtohealthcare,forestfiresandfloods,aswellasthePanAmericanGamesalsocontributedatthemargin
7.Thecurrentaccountdeficitnarrowedsharplyin2023andtheBCChaccumulated
internationalreservesbetweenJuneandOctober.Aftertemporarilywideningto9percentofGDPin2022,thefour-quartermovingaveragecurrentaccountdeficitnarrowedto3.4percentofGDPin2023Q3(textchart),drivenbyabroad-baseddeclineofgoodsimportsinlinewiththeadjustmentofdomesticdemand(Figure2).Onanannualbasis,thecurrentaccountdeficitisexpectedtohave
revertedto3.2percentofGDP.TheChileanpeso(CLP)weakenedbyabout10percentagainsttheU.S.dollarbetweenJulyandDecember2023amidthenarrowinginterestdifferentialwiththeU.S.anduncertaintysurroundingtheoutlookforkeytradingpartners,includingChina(textchart).1ThebehavioroftheCLPwascharacterizedbyheightenedsensitivitytonewsandgreatervolatility.In
April,theBCChbegantograduallyunwindtheFXforwardoperationsfromthe2022interventionprogram(AnnexIV,andinJune,startedatwelve-monthreserveaccumulationprogramthataimedatincreasingitsFXreservesbyUS$10billion.BothprogramsweresuspendedinOctoberinthe
contextofheightenedt
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