The reversal was triggered by the change in foreign investors’ views over the expected timing for the Federal Reserve to reduce the pace of its asset purchases, and the subsequent interest rate hike in the United States – in addition to the change in their views over the growth expectations for emerging economies.
The  10  See Jaime Caruana, “Ebbing Global Liquidity and Monetary Policy Interactions,” Speech at the Central Bank of Chile Fifth Summit Meeting of Central Banks on Inflation Targeting: “Global Liquidity, Capital Flows and Policy Coordination,” Bank for International Settlements, 2013.