Chile central bank says objective is to change the composition of the bank’s international liquidity sources, increasing the proportion of its own reservesMeasure is part of a financial management strategy that aims to gradually replace part of the current credit lines in foreign currency with its own international reservesProgram will be activated on August 8Expects to accumulate approximately US$18.5 billion over the three-year periodMeasure will be reviewed every six months, although it may be adjusted if significant changes in market conditions are observed, which will be communicated in a timely mannerTo avoid impacts on liquidity in pesos, operations will be sterilized through the issuance of central bank discountable promissory notes (PDBC), in line with the monetary policy orientationMeasure is consistent with the inflation targeting and floating exchange-rate regimeProgram seeks to strengthen the management of international reserves as part of the bank’s ongoing functions to safeguard financial stability-Look, buying 25mn USD each day is not going to be a game changer for FX rates. However, if you are unfamiliar with the idea of 'other time frame' market participants this might be a good prompt to check it out. I first came into contact with idea through market profile a few bazillion years ago. Jim Dalton's Mind Over Markets is a great bookSteidlmayer On Markets too This article was written by Eamonn Sheridan at investinglive.com.