China's yuan shot up after authorities tweaked cross-border financing rules andwere seen selling dollars, while Turkey's lira was stuck near a record low as its second interest rate hike since President Tayyip Erdogan secured a third decade in power in May underclubbed expectations.
"But there are genuine concerns that if they go too fast they may potentially risk financial stability and shock the economy in general." Bank of Japan Governor Kazuo Ueda said this week there was still some distance to sustainably and stably achieving the central bank's 2% inflation target, dousing speculation of a change to its "yield curve control" policy next week.
Daleep Singh, chief global economist at PGIM Fixed Income, said China's current recovery is unlike others as it relies on consumer-led growth following years of credit fuelled investment in property and infrastructure.
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