Billions of Dollars, Bold Action: EMs Battle a Surging Greenback
Bloomberg reports that MSCI EM currency index is set for worst quarter in two years. Intervention can only slow currency depreciation.
From Brazil to South Korea, emerging-market central banks are forming a line of defense as a rising dollar pushes their currencies to multi-year lows. Bangko Sentral ng Pilipinas is watching the peso’s drop closely and has stepped up intervention in the currency market, Governor Eli Remolona said Friday. Brazil’s central bank has spent $17 billion in the past week to... ...
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