The pace at which central banks from Argentina to Azerbaijan surrendered their grip on exchange-rate policy this year is bringing back memories of the 1997 Asian currency crisis.
At least four dollar pegs have been abandoned and half a dozen others weakened as developing nations scrambled to adjust to an era of lower commodity prices, slowing growth in China and higher U.S. interest rates. The devaluations gathered pace in the second half after policy makers in Beijing surprised the world by depreciating the yuan on Aug. 11, putting pressure on regional trade partners to follow suit.
