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China, India should coordinate macroeconomic policies

Speaking with a common voice, they can make investors see greater stability and predictability in emerging markets

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Given the fickleness of modern financial markets - a fickleness exaggerated by computerised trading programmes - we can expect to see more gyrations in equity, bond and currency markets.

THE gloating was predictable. When China's stock markets crashed and when China devalued its currency, Western commentators - who had long resented China's continuing economic success - could not resist gloating over China's economic stumble.

Paul Krugman, the Nobel Prize winner in

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