Emerging Markets Tumble as Argentina Struggles to Stop Bleeding
- Argentine peso crashes as central bank raises key rate to 60%
- Lira extends slump as central bank deputy said to be resigning
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A selloff in emerging markets deepened as Argentina and Turkey struggled to shore up global investor confidence.
The peso tumbled to a record low, prompting Argentine policy makers to boost rates to 60 percent. In Turkey, a report that the central bank’s deputy governor was set to resign sank the lira. South Africa’s rand volatility soared amid a controversial land reform debate. An expanded foreign-exchange intervention in Brazil brought some relief to both the real and its peers. A little later, currencies extended losses as President Donald Trump was said to move ahead with a plan to impose new tariffs on China as soon as next week.