The widest spreads were recorded in Russia (52 bps); Argentina (42 bps); Venezuela and Ukraine (30 bps) and China (28 bps). South Africa and Poland registered the smallest movements with their spreads over US Treasuries widening by some 5bps.
The currencies of most emerging markets weakened considerably against the USD during the week starting on 15 September on the back of major equity and bond selling in these countries. The biggest depreciations were registered by Chile (-3,2 per cent) followed by Brazil (-2,0 per cent) and Iceland (-1,5 per cent).