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Belt and Road

Turkey crisis rattles Asian nations with rising Belt and Road debts

Costly Chinese projects could leave emerging economies with a hangover

TOKYO -- Turkey's currency crisis is adding to the financial troubles of emerging Asian economies that have taken big loans for infrastructure projects under China's Belt and Road initiative.

The plummeting lira is forcing Asian nations to consider rate hikes to shore up their currencies (Indonesia tightened policy this week). Failure to get back on an even keel could add to heavy debt-servicing costs that undermine financial stability.

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