Argentina Moves Closer to Bond Market Return With Peso Pivot (1)

Argentina moved closer to a return to international debt markets by addressing two key issues that have concerned investors: an overvalued peso and a shortage of hard-currency reserves.

The nation’s central bank said Monday it will begin to gradually unwind the tight grip it keeps on the currency. Starting in January, it will let it trade within a range that expands in line with inflation — effectively moving to a pace of about 2.5% a month, from a current 1%. Officials also said they’re going to start slowly buying up dollars to build back the central bank’s depleted cash stockpile ...