2  BIS central bankers’ speeches  Yet, just as some of the “push” factors look set to recede with the beginning of US monetary policy normalisation, the “pull” factors attracting capital towards emerging markets have been equally waning.
The Reuters-CRB index of commodity prices has fallen by nearly 50 per cent since its peak in April 2011; in real terms, adjusted for US inflation, it is back to levels last seen in 2001. Such a large-scale adjustment, unsurprisingly, has led to a marked slowdown in commodities exporters’ growth.