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  • VanEck Blog - Emerging Markets Debt Daily

     Emerging Markets Debt Daily
    Emerging Markets Debt Daily

    Natalia Gurushina, Chief Economist, Emerging Markets Fixed Income Strategy

    EM real policy rates adjusted by forward-looking inflation are getting increasingly negative. Indonesia kept its policy on hold, signaling that it will rely more on quantitative easing going forward.

    Emerging Markets Debt Daily

    August 18, 2020

    Turkey “Backdoor” Policy Tightening

    by Natalia Gurushina, Chief Economist, Emerging Markets Fixed Income Strategy

    Turkey cut the overnight borrowing limit for local banks, which is a form of “backdoor” policy tightening. EM overseas remittances look much stronger than the World Bank’s initial estimate for 2020.

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    Emerging Markets Debt Daily

    August 17, 2020

    China Stimulus – Careful Fine-Tuning

    by Natalia Gurushina, Chief Economist, Emerging Markets Fixed Income Strategy

    China conducted the first net positive medium-term liquidity injection since March. Central Europe’s core inflation continues to grind higher.

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    Emerging Markets Debt Daily

    August 14, 2020

    China Rebound – Mind the Gaps!

    by Natalia Gurushina, Chief Economist, Emerging Markets Fixed Income Strategy

    China continued to rebound in July, but the pace of the recovery remains uneven. A lack of sequential improvement in Turkey’s current account raises concerns about the state-driven recovery’s side effects.

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    Emerging Markets Debt Daily

    August 13, 2020

    EM International Reserves – New Reality

    by Natalia Gurushina, Chief Economist, Emerging Markets Fixed Income Strategy

    Russia’s international reserves are now ten times higher than the federal government’s external debt. Two more upside inflation surprises in EM give additional credence to the reflation narrative.

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