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WEEK IN REVIEW: Emerging Market Currencies under Pressure due to Ongoing Lockdowns in China

Emerging market currencies and stocks are under mounting pressure this week due to the ongoing lockdowns in China.  The South African rand fell again on Tuesday as investors are worried about the impact that a slowing Chinese economy will have on the demand for African raw materials. Those concerns also extended to emerging market equities as the MSCI Index fell for a fourth consecutive session this week. (REUTERS)

The world’s largest electric vehicle battery maker, Contemporary Amperex Technology (CATL), is struggling to ensure that its massive factories in eastern China remain open during the lockdowns that are now spreading throughout the country. This is especially critical for countries like the DRC and South Africa that sell billions of dollars worth of cobalt and other resources to CATL each year. The company is now implementing a so-called “closed-loop management system” where workers live at the factory to avoid outside infection. (AUTOMOTIVE NEWS)

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