A surge of capital gushing out of emerging markets has risen toward $1tn over the past 13 months, roughly double the amount that fled during the financial crisis, amid slumping confidence in the world’s developing economies.
The sustained exodus reinforces concerns that emerging market economies, suffering slowing growth and weakening currencies, are relinquishing their longstanding role as locomotives for global growth to become a drag on demand.
Analysts say the flow may accelerate following China’s currency devaluation this month and nervousness over an expected US Federal Reserve rate rise.
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