Currencies

Chile's political instability is sinking Latin American assets

Data: Investing.com; Chart: Axios Visuals

Chile's peso fell to its lowest value against the dollar on record and the country's stock market dropped to near its weakest since early 2017, as continued violence and protests have pressured the government to rewrite its constitution.

Why it matters: Chile has long been an oasis of stability in volatile Latin America and was consistently among the strongest and most market friendly democracies. But it's now mired in wide-ranging disruption and chaos and pulling down asset values in the rest of the region.

Alipay provides foreigners tool to navigate an increasingly cashless China

A map showing the flow of the subject.
Screenshot via @Alipay/Twitter

China has rapidly become one of the most cashless countries in the world. That's a big problem for foreigners who don't have a Chinese bank account, because outside the major tourist hubs few merchants accept credit cards.

The big picture: Two private payments systems dominate the Chinese market: Alipay and WeChat. But until now, you had to have a Chinese bank account in order to be able to use either of them.