Overview

• Santiago Bausili said the currency swap is conceptually agreed and could be activated within two weeks, before the Oct. 26 midterms.
• Treasury Secretary Scott Bessent said total support could reach $40 billion by adding a $20 billion market facility with banks and sovereign wealth funds to the swap.
• Bessent intervened by selling dollars to buy pesos to calm trading, with market sources estimating up to $150 million in sales during a session near $900 million in volume.
• The dollar rose by the close and central bank reserves fell about $513 million over two days to roughly $41.74 billion, signaling ongoing strain.
• Officials stressed U.S. backing depends on policy continuity, affirmed the $18 billion China swap remains unchanged, and maintained there will be no recalibration of the wide-band FX regime.