The Central Bank agreed that, as from March 1, 2021, the contracting of derivative products whose settlements or payments contemplate the physical delivery of pesos, the opening and holding of current bank accounts in pesos by persons not domiciled or resident in Chile and the granting of credits by persons domiciled or resident in Chile to persons domiciled or resident abroad may be carried out with Chilean pesos and, since September 1, to make deposits or investments abroad in Chilean pesos by persons domiciled or resident in Chile and to grant or make loans, deposits, investments and capital contributions in Chile by persons not domiciled or resident in Chile. 

The internationalization of the Chilean peso will contribute to price stability and the normal functioning of payments. In this sense, this regulatory change can be a very important step by stimulating greater competitiveness and efficiency of local financial markets, removing obstacles for non-residents to interact with local market players. 

The question is whether, given the dependence of the exchange rate on the price of copper and China's weight in the copper market, the peso will behave more like an Eastern than a Latin American currency, the peso will behave more like an Oriental currency than a Latin American one.