China led growth is matched by China driven recession.
In the Pacific, Latin America, Central Asia, and Africa, emerging economies focused on commodity exports are taking a combined hit from Chinese yuan devaluation and USD appreciation. The emerging market crisis is now gaining momentum and the emerging economies are now submerging.
Short term prospects
The combined pressure of Chinese devaluation and a rally in the US dollar builds up pressure for emerging economies.
Last week’s 2%...
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