Mexico: Central Bank Rejects Bids

Mexico’s central bank rejected banks’ bids to drive down interest rates in a daily auction Thursday, signaling it may hold off on cutting the benchmark lending rate at a policy meeting Friday. Banco de Mexico turned down bids by banks to borrow for 12 days at 9.5 percent, but accepted 2.5 billion pesos of bids to borrow for 12 days at a rate of 9.75 percent.