EM bonds rally but RAB keeps its powder dry
Conventional emerging market bonds retraced their losses this week, reversing the previous two weeks of widening that they had suffered. The big rally came as China surprised the market with a rate cut, German chancellor Angela Merkel talked about using instruments of support to stem the eurozone crisis and US Federal Reserve chairman Ben Bernanke said he was ready to act to contain the spread of the eurozone crisis.
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