(Bloomberg Business) — A week has passed since China roiled global markets with its first major devaluation in more than two decades. The epochal move hit beleaguered emerging markets the hardest, contributing to new record lows in the currencies of Colombia and Turkey.
From Lima to Kuala Lumpur, here are the biggest losers since the orchestrated drop in the people’s currency.
Let’s take a look at the most notable cases, bearing in mind that plunging oil prices and expectations of a Federal Reserve rate rise, the first since 2006, were already prompting investors to pull out, especially from crude-producing developing economies.Asian Competitors
All major Asian currencies fell on concern a weaker yuan will force other policy makers in the region to devalue their own foreign-exchange rates to keep up with cheaper Chinese goods. The Malaysian ringgit and Indonesian rupiah plunged the most since 1998, the year of the Asian financial crisis. Record Slumps
Colombia’s peso fell to a record level weaker than 3,000 per dollar. The South African rand slid to the lowest since 2001. In Turkey, the lira weakened to record low for the fourth consecutive day. Winners?
Poland and Hungary. Luckily for them, they have less exposure to China.
