1.   Argentine bonds plummeted in recent weeks after speculation that Hong Kong may devalue its currency led to concerns that other emerging markets currencies are also overvalued.

2.   Bob Crooke, a Reuters spokesman, countered that there are emerging market currencies that could counter that consolidation.

3.   Both markets were rattled by growing fears that Russia would be forced to devalue the ruble, adding to the pressure on other emerging market currencies.

4.   If the Hong Kong dollar falls, many other emerging market currencies may weaken as well, he said.

5.   It got caught in the latest stampede out of emerging market currencies.

6.   Speculation late last month that Hong Kong could be forced to devalue its currency raised concerns that other emerging market currencies are overvalued, sparking a worldwide market crash.

7.   The Czech Republic is the latest target of big investors speculating in emerging market currencies, after Thailand beat back a similar assault last week.

8.   Yet few analysts expect this will turn into a worldwide run on emerging market currencies.

9.   The baht, along with other emerging market currencies pegged to the US dollar was pulled along.

10.   Transactions in the French franc, European Union currencies and emerging markets currencies have risen dramatically since the last survey, the Fed said.