Emerging-Market Assets Retreat as China Takes ‘Two Steps Back’

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A gauge of developing currencies sank 0.5%, headed for its biggest drop in nearly a month, as currencies from Hungary to Chile fell with the Chinese yuan. Photo: IC Photo

(Bloomberg) — Emerging-market currencies and stocks fell as disappointing data from China heightened investor anxiety surrounding the nation’s sputtering economy.

MSCI Inc.’s gauge of developing currencies sank 0.5%, headed for its biggest drop in nearly a month, as currencies from Hungary to Chile fell with the Chinese yuan. The key emerging-market equities index lost 1%, halting a two-day advance and on track for its largest decline since Aug. 25.