Investors for weeks have been anxious that problems in developing economies could lead to broader trouble in financial markets. The jitters intensified on Thursday, yet the catalyst was not Turkey but Argentina — a sign that the array of challenges facing emerging markets might be spreading. The fears triggered a plunge in the currencies of multiple developing economies. Trying to slow the peso’s plunge, which is down close to 50 percent this year, Argentina’s central bank ramped up interest rates by 15 percentage points. The move by Argentina’s central bank brings its benchmark lending rate to 60 percent.

Source: New York Times August 30, 2018 14:39 UTC