Emerging-Market Currencies Climb as Ruble Jumps With Crude Oil
- Oil surges as Saudis eye deeper cuts while non-OPEC joins deal
- China stocks, bonds, yuan slump in unison on liquidity concern
Lira Leads Declines Among Emerging-Market Currencies
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The rally in crude oil to the highest level since July 2015 lifted currencies of producers from Russia to Colombia. Chinese assets tumbled.
Traders pushed up the value of currencies in developing nations as crude surged after Saudi Arabia signaled it’s ready to cut output more than earlier agreed and non-OPEC countries including Russia pledged to pump less next year. The outlook for central-bank policy is also on investors’ radar, with the market pricing in 100 percent odds of a rate hike by the Federal Reserve this week, and a two-in-three chance of additional tightening by June.