Mexican peso climbs from Chinese commitment to growth

Latin America's most traded currency gained in value on Monday after China noted it will redouble its efforts to enhance development and growth, prompting an optimism for economic projections, according to Bloomberg.

For a second consecutive day, the Mexican peso gained against its northerly rival. Thus far this year, the monetary unit has gained 1 percent against the U.S. dollar. Chinese Premier Wen Jiabao committed over the weekend to devote energy to driving growth, which comes in the midst of the sovereign debt crisis continuing to tear through the euro zone.

"Mexico is doing well, and if there's commentary from China that it's going to boost stimulus, that should help take off some pressure from the idea that everything is bad," currency trader Ramon Cordova with Banco Base SA in San Pedro Garza Garcia, Mexico, told the news service.

Mexico's gross domestic product from the first quarter of this year expanded 4.6 percent from the same period of 2011, representing the most rapid development in six quarters.

Dow Jones Newswires reports the peso also benefited from Group of 8 nations demonstrating support for Greece over the weekend.