REUTERS
Expectations of aggressive US tightening had already caused a violent selloff in global stock, bond, and even cryptocurrency markets, though Asian currencies and stocks rallied on Thursday. Local markets have sold off this year, though the moves have been far gentler than the violent capital outflows seen in US tightening cycles in 2016 and 2004.
Divergent Sino-US policies have wiped out China’s yield advantage, triggering a record monthly tumble in the yuan in April as capital left. The Chinese currency has since stabilized.
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