Emerging markets investors are braced for turbulence in the coming days following last week’s sharp currencies sell-off that led to drastic measures by Argentina’s central bank to stop a slide in the peso.
Markets have been roiled by a stronger US dollar, which has prompted a wave of selling in emerging market currencies, stocks and bonds.
Argentina, which is struggling with high inflation and large deficits, responded to the hit on the peso last week by raising interest rates three times — from 27.25 per cent to 40 per cent.
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