A $379 billion hole emerges in developing nations’ coffers

The U.S. greenback’s relentless climb increased is blowing a gap within the funds of growing nations.

Policymakers in these nations are, collectively, burning by means of the equal of greater than $2 billion of international reserves each weekday in an try and prop up their currencies in opposition to the greenback. In whole this yr, they’ve drained reserves — the emergency stash they maintain to fend off extreme financial crises — by $379 billion.