Developing countries are moving out of dollar debts and turning to currencies with rock bottom interest rates such as the Chinese renminbi and Swiss franc.
The shift, embarked upon by indebted countries including Kenya, Sri Lanka and Panama, reflects the higher rates set by the US Federal Reserve, which have angered President Donald Trump as well as increasing other countries’ debt servicing costs.
“The high level of interest rates and a steep US Treasury yield curve . . . has made USD financing more onerous for [developing] countries, even with relatively low spreads on emerging market debt,” said Armando Armenta, vice-president for global economic research at AllianceBernstein.
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