London (AFP) – The world’s emerging economies are allowing their currencies to slide in a quest to remain competitive, following China’s devaluation of the yuan and the dollar’s strength in anticipation of US rate hikes.The currencies of emerging nations in Asia have especially suffered in recent weeks from market speculation that the US Federal Reserve will lift interest rates this year — possibly as soon as September.According to Societe Generale analyst Kit Juckes, those countries “fear a resumption of significant capital outflows if the Fed does raise rates next month, as well as fear of further (yuan) weakness and concern …read more
Source: Business Insider
