Emerging Markets (EM) foreign exchange reserves have dropped about USD 650bn (7% of total reserves)
since reaching a peak of USD 9.4trn in June 2014. The decline in reserves is a concern, because reserves
Brazil's cyclical problem and China's growth outlook
Weekly investor research
05 October 2015
This year the markets ganged up on both Brazil and China, but at this time next year the focus will have shifted elsewhere,
because neither Brazil nor China face anywhere near lethal problems. We are far...