The US Federal Reserve’s decision to pump an extra $600bn into the economy has galvanised emerging market central banks into preparing defensive measures and sparked criticism from leading global economies.
The Fed’s initiative, in response to rising concern about the weakness of the US economy, has fuelled fears of a sharp drop in the dollar and a fresh flood of capital inflows into emerging markets.
China, Brazil and Germany criticised the Fed’s action on Thursday, and a string of east Asian central banks said they were preparing measures to defend their economies against large capital inflows.
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