In this round of the Fed’s interest rate hike cycle, the financial markets of emerging market (EM) economies have been operating smoothly as a whole and have not repeated the cycle of “Fed interest rate hike – US dollar appreciation – capital outflow – currency crisis”. However, in 2024, as the Federal Reserve’s interest rate cuts continue to be postponed, U.S. bond interest rates and the U.S. dollar exchange rate continue to hit new highs during the year, putting the exchange rates and risk asset prices of some developed countries and emerging market economies under pressure. Is a new round of “currency crisis” on the way? Where is the most…