Emerging Stocks Drop on China Curbs as Russia Stems Ruble Rally
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Emerging-market stocks fell for a second day as regulatory efforts to curb speculative trading in China dragged the nation’s shares from a 2008 high. The ruble slid as the central bank raised the cost of borrowing dollars.
China CNR Corp. and CSR Corp. plunged from records in Hong Kong and the Shanghai Composite Index declined the most in seven weeks. The ruble tumbled 2.7 percent against the dollar. The rupee posted its biggest drop this year as India’s trade deficit widened. Poland’s zloty rallied past 4 per euro after better-than-expected industrial output data.