Two Big Winners From China's Big Slowdown

South Korea and Philippines show not all emerging markets are the same.

Not all emerging markets are made the same.

Photographer: NOEL CELIS/AFP/Getty Images

How panicked were investors last week about China's stock market plunge? Enough to treat the Korean peninsula, a place that was teetering on the brink of war, as a safe haven. Even as policy makers braced for renewed military confrontation between North and South Korea, the won staged a rally.

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