| We are not yet at the stage with emerging market currencies reached by Frank Butler in Irving Berlin’s musical Annie Get Your Gun, when he sings: “My defences are down, I might as well surrender, for the battle can’t be won.”
Nonetheless, the sharp EM sell-off in currencies is triggering anxious debate about foreign exchange defences and raising pertinent questions: how strong are foreign exchange reserves across emerging markets, and how robust do they need to be?..............................................Full Article: Source
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