China’s weakening renminbi represents a new risk for a number of Asian currencies that had managed to escape much of the recent rout in emerging markets until now.
The Korean won, the Taiwanese dollar and the Singapore dollar are among the vulnerable parts of EM in recent weeks, representing a new chapter in this year’s currency weakness versus the US dollar.
The dollar’s strength has been the main driver of the 2018 EM weakness with the likes of Argentina, Turkey and South Africa particularly vulnerable given their current account deficits. In contrast, those EM countries with surpluses were sheltered.
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