Who's Next in the Currency Market's Race to the Bottom?
Fed, China and the Vulnerability of Emerging Markets
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Kazakhstan just intensified the global currency war.
By allowing a 23 percent plunge in the tenge, central Asia’s biggest oil exporter signaled a new wave of devaluations in developing nations forced to compete against weaker currencies. Egypt and Nigeria look the most vulnerable to John-Paul Smith, the ex-Deutsche Bank AG strategist who predicted Russia’s 1998 crisis and this year’s China’s rout.