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    Emerging Markets Debt Daily

    Natalia Gurushina, Economist, Emerging Markets Fixed Income

    China’s central bank unexpectedly cut its 7-day reverse repo rate, while the Politburo authorized a wider fiscal deficit. Moody’s downgraded South Africa to sub-investment grade, which might lead to additional outflows due to index exclusion.

     

    Emerging Markets Debt Daily

    March 27, 2020

    Rating Agencies Strike Back

    by Natalia Gurushina, Economist, Emerging Markets Fixed Income

    S&P downgraded several sovereigns and corporates with strong oil connections and/or weak macro and policy buffers. India, Malaysia and the Czech Republic announced further fiscal and monetary stimulus.

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    Emerging Markets Debt Daily

    March 26, 2020

    Global “Wall of Liquidity” – How Big Can it Get?

    by Natalia Gurushina, Economist, Emerging Markets Fixed Income

    The global fiscal and monetary policy support now exceeds 3% of the world GDP on each side. Russia delivered an unusual revenue-neutral fiscal stimulus package.

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    Emerging Markets Debt Daily

    March 25, 2020

    South Africa Jumps on QE Bandwagon

    by Natalia Gurushina, Economist, Emerging Markets Fixed Income

    South Africa’s central bank decided to buy government debt on the secondary market to support financial stability. Brazil is making progress in approving the “war budget” constitutional amendment.

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    Emerging Markets Debt Daily

    March 24, 2020

    EM Quantitative Easing Becomes Mainstream

    by Natalia Gurushina, Economist, Emerging Markets Fixed Income

    EM central banks are actively adopting unconventional policy tools to minimize the virus’s impact on growth and financial stability. China’s activity is turning the corner, but the external slump remains a major risk.

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