Economics
Emerging Currencies Drop to Record Low as China Saps Commodities
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Emerging-market currencies deepened their slump to a record low as a surprise slowdown in Chinese manufacturing threatened to exacerbate a rout in global commodity prices.
Brazil’s real led the decline, dropping to the weakest level against the dollar in 12 years on mounting concern that the country’s credit rating will be cut. South Africa’s rand fell 1.3 percent as gold tumbled. The lira slid for a third day as Turkey stepped up its fight against Islamic State militants. The Bloomberg Commodity Index sank to the lowest since 2002. A gauge of 20 developing-nation currencies retreated 0.5 percent.