Brazil Real Drops as China Manufacturing Slump Adds to Pessimism
- Real extends year's slump to 35%, worst among major currencies
- Roussseff pledge of support real can't overcome China data
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Brazil’s real dropped the most among major currencies as data showing a manufacturing slowdown in China damped the outlook for exports and Fitch Ratings said it could cut the country’s rating at any point.
Profits at industrial companies in China, Brazil’s biggest trading partner, fell the most in at least four years amid weak demand. A gauge of emerging-market currencies hovered near a record low on concern a Chinese economic slump will dent global expansion.