Asian equity and currency markets gained for a second day on Thursday as copper prices hit a record high and the Chinese renminbi rose sharply against the dollar. News that Chinese manufacturing growth slowed in December failed to dampen investor sentiment.
“Emerging markets are now in a secular bull market and we expect this trend to continue into 2011, but with significant corrections along the way,” said Mark Mobius, executive chairman of Templeton Emerging Markets Group.
“Even more money will be directed into these markets as investors around the world are beginning to realise that emerging markets are growing three times faster than developed markets, [and] have more foreign reserves and lower debt-to-GDP ratios than developed markets,” Mobius added.