新兴市场边缘数据观察：万物皆平盘

The EM Edge Data Watch weekly is our flagship publication providing in-depth coverage of 34 economies not included in our Global Data Watch. Frontier currencies have proved broadly resilient in 2026 with sharp depreciations confined to a small subset of oil-importers. Bolivia stands out following the abandonment of a two-decade-old peg, while larger depreciations have been concentrated among hydrocarbon importers including Egypt, Ghana, Sri Lanka, Uganda and Ukraine. The medium-term picture is less benign, as REERs have appreciated rapidly across several economies, often through inflation rather than nominal gains, raising the greatest risks where they are already at multi-year highs. Three country groups stand out: those where REERs have appreciated substantially from post-2022 troughs but remain below pre-adjustment peaks (Angola, Egypt, Sri Lanka, Kenya); those with levels now at multi-year highs (Mongolia, Kazakhstan, Pakistan, Zambia, Tunisia);