(Bloomberg) -- The recent debate on emerging market risk misses out China's role as a force for stability, according to research by Bloomberg Economics. Even in the 1997-98 Asian financial crisis, China's decision to hold the yuan stable was a stabilizing factor and 20 years on, the country's capacity to shape emerging market outcomes has increased exponentially. Back in 1997, Malaysia's exports to China were 1.7 percent of GDP, now they are 9.3 percent -- that pattern is repeated across major emerging markets, many of which now sell more to China than they do to the U.S.
--With assistance from Justin Jimenez (Associate).
To contact the reporter on this story: Tom Orlik (Economist) in Beijing at torlik4@bloomberg.net
To contact the editors responsible for this story: Sheldon Reback at sreback@bloomberg.net, Zoe Schneeweiss
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