| Kazakhstan and Vietnam allowed their currencies to fall on Wednesday, fuelling expectations of further depreciations among emerging market countries that could trigger financial solvency problems. The dual impact of China’s renminbi devaluation — and worries about the country’s slowdown — along with anticipation of a US rate rise is weighing on currencies in emerging markets, already feeling the pain of falling commodity prices.
The tenge dropped 4.7 per cent, close to the upper limit of the new trading range set last month by the Kazakh central bank. The oil-dependent central Asian country, which trades heavily with Russia and China, is being buffeted by the fall in the rouble and crude prices...............................................Full Article: Source
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