A third probable factor may be perception of Mexico’s fiscal fragility, including weak financial conditions at state‐owned oil company Pemex. Two notable statistics on public finances put analysts and market participants on alert. One is the rising trend observed since 2009 in the historic balance of public‐ sector borrowing requirements relative to GDP.
Although this ratio continues to be inferior to frequent values encountered in the developed world, it does not compare favorably with those of many emerging economies. A second statistic has to do with  4  See the JP Morgan Index of emerging‐market currencies, which includes Brazil, Chile, Mexico, Hungary, South Africa, Turkey, Russia, China, India and Singapore.