Shuli Ren, Columnist

Sick Turkey Contagion Won't Cause an Asian Crisis

Willingness to raise interest rates will help, not hurt, regional economies.

August 13, 2018 at 4:40 AM UTC

Shuli Ren is a Bloomberg Opinion columnist covering Asian markets. A former investment banker, she was a markets reporter for Barron’s. She is a CFA charterholder.

When cash isn’t king.
Photographer: Ismail Ferdous/Bloomberg

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All it took was new sanctions and a defiant speech.

The Turkish lira’s 24 percent slump since last Friday is prompting fears of another emerging markets crisis, with developing countries seeing a “sudden stop” in foreign capital inflows once again. On Monday morning, emerging Asia stocks slipped 0.8 percent, while currencies weakened. Indonesia’s Jakarta Composite Index suffered its biggest intraday fall since 2016.