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The G-20 proposal to boost IMF’s capital is EM supportive

Weekly investor research

01 March 2021

The G-20 proposed to increase IMF resources via SDRs. The rise in nominal US Treasury yields should eventually prove supportive for high yield and EM local currency assets. Brazilian assets underperformed following President Bolsonaro’s interference in Petrobras. Argentina posted better than expected fiscal and external accounts. The Turkish central bank tightened liquidity. The South African fiscal numbers were better than expected. Chile continued to vaccinate its population at a fast pace. Chinese PMIs moderated due to distortions from the lunar New Year holidays. Mexico recorded solid numbers for the external balances. Leftist candidates gained momentum ahead of the presidential election in Peru.

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