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Sensing these feelings, Charles III of Spain progressively eased the trade restrictions and finally declared Buenos Aires an open port in the late 18th century.The capture of Porto Bello by British forces also fueled the need to foster commerce via the Atlantic route, to the detriment of Lima-based trade.A second (and permanent) settlement was established in 1580 by Juan de Garay, who sailed down the Paraná River from Asunción (now the capital of Paraguay).Garay preserved the name originally chosen by Mendoza, calling the city Ciudad de la Santísima Trinidad y Puerto de Santa María del Buen Aire ("City of the Most Holy Trinity and Port of Saint Mary of the Fair Winds").Buenos Aires is considered an 'alpha city' by the study Ga WC5.Buenos Aires is a multicultural city, being home to multiple ethnic and religious groups.Several languages are spoken in the city in addition to Spanish, contributing to its culture and the dialect spoken in the city and in some other parts of the country.

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Pedro de Mendoza called the city "Holy Mary of the Fair Winds," a name suggested by the chaplain of Mendoza's expedition – a devotee of the Virgin of Buen Ayre – after the Sardinian "Madonna de Bonaria" For many years, the name was attributed to a Sancho del Campo, who is said to have exclaimed: How fair are the winds of this land! But Eduardo Madero, in 1882 after conducting extensive research in Spanish archives, ultimately concluded that the name was indeed closely linked with the devotion of the sailors to Our Lady of Buen Ayre.

This scheme frustrated the traders of Buenos Aires, and a thriving informal yet accepted by the authorities contraband industry developed inside the colonies and with the Portuguese.