Dec. 13 (Bloomberg) -- European banks are repatriating money from emerging markets in Asia as the euro-area economy slows, according to Marc Chandler, chief currency strategist at Brown Brothers Harriman & Co. in New York.
“Ironically, the deeper the hole gets in Europe, the more that money comes back,” Chandler said today in a radio interview on “Bloomberg Surveillance” with Ken Prewitt and Tom Keene.
Chandler says he is “struck” by the amount of money leaving emerging markets as Europe “gives up its commercial empire.”
To contact the reporter on this story: John Tucker in New York at firstname.lastname@example.org
To contact the editor responsible for this story: Stefanie Batcho-Lino at email@example.com