IIF warns of emerging market sell-off of crisis proportions

Chinese investors look at an electronic screen showing stock market data at a brokerage house in Beijing, China 02 September 2015. Chinese shares opened down more than 4 per cent on 02 September, the third day of losses after substantial gains late last week. EPA

LONDON: The current slump in emerging market stocks and currencies has reached "crisis proportions" the Institute of International Finance warned on Thursday.

The Washington-based finance industry body said China's woes had been a key catalyst in the fast-moving rout, which has seen MSCI's global emerging market stocks index slump 40 percent.