The first stage of this emerging market currency crisis was all about how the problems of individual nations were spilling over into contagion — but without dollar strength as a factor. The emerging market economies that have large current account deficits and rely heavily on dollar funding are most at risk. None of this means that developing countries with less dollar exposure are set up for an easy time. The contagion in emerging markets is set to take a worrying turn. He spent three decades in the banking industry, most recently as chief markets strategist at Haitong Securities in London.

Source: Washington Post September 11, 2018 05:03 UTC