Policymakers in emerging markets should brace themselves for another round of growth challenges, analysts have warned, after last week’s turmoil on China’s stock and currency markets spread across the world.
“The year has started with Chinese volatility and with more doubts about Chinese policy in general, and that puts even more pressure on emerging markets,” says Maarten-Jan Bakkum, senior emerging market strategist at NN Investment Partners.
The most direct threat comes from the sharp and unexpected depreciation of China’s currency, the renminbi, which fell 1.3 per cent against the dollar last week.
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