As expected, Banco de Mexico held the Mexican reference rate steady at 4.50% last Friday, the level at which it has stood since August of 2009. Although the one-month Cete rate popped up to 4.22% in the weekly primary auction six days ago, it remains well below the reference rate. It's worth bearing in mind that the level of average weekly demand has declined noticeably as the one-month rate has hovered closer to 4.0% than 4.5%.
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