Malaysia’s ringgit dropped to the weakest level since May 2010 as concern that China’s economic growth is slowing and prospects of further cuts in U.S. stimulus damped demand for emerging-market assets.
Emerging-market stocks slumped the most in six weeks as reports showed Chinese manufacturing growth slowed and political tension escalated in Thailand. The Turkish lira touched a record low against the dollar.
Estonia, the least-indebted European Union member, may be the standard against which other euro candidates are measured as the monetary union moves ahead with enlargement after committing almost $1 trillion to defend its currency from Greek-induced hemorrhaging.
Emerging-market stocks retreated from a four-month high, trimming their weekly advance, as India’s banks drove a slump in financial shares after the nation’s central bank unexpectedly lifted interest rates.