Foreign currency reserves in emerging markets fell last year for the first time in two decades, as developing economies found themselves beset by waning competitiveness, capital outflows and concerns over US monetary policy.
Nine out of 10 emerging market economists polled by the Financial Times said emerging markets have passed a period of “peak reserves” and may continue to see their stashes of foreign currency shrink in coming months.
That decline could hamper emerging economies’ ability to keep buying US and European debt, a trend which has been an engine of growth in the west over the past decade.
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