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EMs: No big dent on world economy

Export/GDP exposure of the US, euro area and Japan to the stressed EM economies is only around 2 per cent

EMERGING market (EM) currencies have had a wobbly start in 2014 (see Chart 1). Last week, the region also witnessed its largest equity outflows since Aug 11. The mounting financial instability and political risks in a number of EM countries and growing concerns about China's growth led to the