Emerging economies let currencies slide to stay competitive

The world's emerging economies are allowing their currencies to slide in a quest to remain competitive, following China's devaluation of the yuan and the dollar's strength in anticipation of US rate hikes.

London (AFP) - The world's emerging economies are allowing their currencies to slide in a quest to remain competitive, following China's devaluation of the yuan and the dollar's strength in anticipation of US rate hikes.

The currencies of emerging nations in Asia have especially suffered in recent weeks from market speculation that the US Federal Reserve will lift interest rates this year -- possibly as soon as September.