Nowhere is the weaker dollar hurting more than in emerging markets.
The US currency has fallen by as much as 40 per cent since March against some emerging market currencies – such as the Brazilian real and the South African rand – which is making life extremely painful for some of their exporters.
The pain has reached the point where a number of developing countries have started to take measures to restrain the rise of their currencies. These include direct intervention in the foreign exchange markets as well as capital controls.
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