Political intervention to try to stem a flood of foreign investment into emerging market currencies and bonds is doomed to fail, according to fund managers active in the sector.
Mounting optimism over the prospects for emerging economies, combined with the gloom surrounding the developed world, has led to an unprecedented wave of inflows into the developing world.
Assets held in European emerging market bond funds have surged from €44.5bn at the end of 2008 to €96.4bn at the end of July, according to Lipper, while net inflows into the asset class worldwide have totalled $39bn so far this year, according to EPFR Global.
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