Jin10 data reported on August 20, this year, bets on emerging market currencies against the US dollar have brought one of the most attractive returns of the decade, and according to Citigroup's head of emerging market strategy, Luis Costa, this trade still has room to continue in the short term. Costa stated that the Fed's more aggressive dovish stance, coupled with the cautious attitude of emerging market Central Banks, will continue to support the strength of emerging market currencies against the US dollar. An index tracking the returns of eight emerging market arbitrage trades driven by shorting the dollar has risen over 10% this year, and is expected to record the largest annual rise since 2017. "The average stance of emerging market Central Banks is also very cautious, which still indicates the sustainability of the actual policy interest rates," Costa said. "Market expectations of the Fed potentially being more dovish in 2026 also need to be considered. Overall, this combination still supports the US dollar to maintain relative stability, although international investors are concerned about...