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John Authers

A Stronger Yuan Is Manna for Emerging Markets

Trade-war developments are helping, but don’t expect too much from Beijing’s conflicted monetary easing.

Don’t expect too much.

Don’t expect too much.

Photographer: JOHANNES EISELE/AFP/Bloomberg

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China and its currency are dominating debate in the U.S., but they are having their greatest impact in the emerging markets. Economically, of course, much of the emerging world is extremely sensitive to developments in China. But the yuan is also turning into a critical variable as it begins, ever so slowly, to behave at least a little like a conventional floating currency.