“The record devaluation of the yuan has dragged down almost every currency in Asia. As they drop, the foreign debt bills of the region’s companies are rising. Almost $1.6 trillion of bonds and loans denominated in dollars and euros across Asia outside Japan and China has just become $14 billion more expensive for companies that service the debt in their home currency, Bloomberg-compiled data show. The cost to insure Malaysian government debt against nonpayment touched 171.5 basis points Wednesday, the highest since October 2011. Protection costs in Thailand, Indonesia, India and Vietnam also tested altitudes not seen in over a year.”
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