The pace of the selloff in EM is unprecedented, even compared to the GFC and 2013 taper tantrum. MXN stands out with a 30% depreciation over the past several weeks but it is far from alone. USD swap lines announced for four EMs (Brazil Mexico, South Korea and Singapore) were the same as in 2009 but others may have to turn to the IMF particularly given unprecedented outflows from non-China EM.
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The pace of the selloff in EM is unprecedented, even compared to the GFC and 2013 taper tantrum. MXN stands out with a 30% depreciation over the past several weeks but it is far from alone. USD swap lines announced for four EMs (Brazil Mexico, South Korea and Singapore) were the same as in 2009 but others may have to turn to the IMF particularly given unprecedented outflows from non-China EM.