Economy

xchrom

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42. Here's What Emerging-Market Leaders Are Saying And Doing As Their Currencies Burn

Sat Jan 25, 2014, 08:02 AM

Jan 2014

http://www.businessinsider.com/emerging-market-leaders-on-currencies-2014-1

DAVOS/LONDON (Reuters) - Top emerging market policymakers moved to allay concerns about their economies on Friday after investors sold off their currencies, raising fears of a broad market rout.

The U.S. Federal Reserve's plan to gradually withdraw its stimulus has long been expected to lead to a pullout from emerging markets. But the prospect of an economic slowdown in China added to concerns on Friday that emerging markets, particularly those with large current account deficits, may struggle to support their currencies this year.

Argentina said on Friday it would relax currency controls it had long defended as essential, in a policy reversal forced by high inflation and a tumble in the peso.

Turkey's lira hit a record low despite an estimated $3 billion of intervention by its central bank the previous day. The rouble and the rand also languished at levels not seen since the 2008-2009 financial crisis.

Read more: http://www.businessinsider.com/emerging-market-leaders-on-currencies-2014-1#ixzz2rPmeeppc

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