After the panic, what next for EMs?

The sense of crisis that had been building in emerging markets has started to ease over the past month or so. So what next? In this Update we identify three risks – China, commodities and the threat of currency wars – that we don’t think will trouble markets over the rest of this year. And we flesh out three areas – rising private debt, persistent external financing risks and slowing potential growth – where investors should, in our view, focus more attention.