In an economy dependent on overseas subsidiaries of chaebols as the current account deficit grows, a report titled “The yuan depreciates 5% due to a 6% increase in US interest rates” came out. In response to further rate hike remarks from the Fed chair, the UBS Maniknara Strategist report said that "the Fed's tightening towards 6% will firmly test the historic 'threshold of pain' for emerging ma..