A U.S. economic recovery would benefit – not hurt – emerging markets, the group finance director of Standard Chartered Bank told CNBC, but he stressed that it was wrong to view Asian economies as one homogeneous bloc.
Standard Chartered makes around four-fifths of its operating profit in Asia and the Middle East, and with fears of a slowdown in the region this year and beyond, analysts have grown concerned about the bank's emerging market exposure.
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However, the firm's group finance director Richard Meddings argued that, "what's driving this reflection on Asia is actually rising dollar rates in the U.S., and therefore a move away from investing in Asia and investing more in the U.S. to pursue those rates."
He continued: "As the U.S. recovers, steadily, the U.S. is 25 percent of global gross domestic product (GDP), and much of what Asia produces and manufactures or assembles is actually sold into the U.S., so actually you have a benefit lifting Asia as the U.S. recovers."