The rout in emerging markets deepened as investors sifted through the latest remarks from the Trump administration on protectionist measures, with both currencies and stocks on pace for their worst quarter since September 2015. Every developing-nation currency tracked by Bloomberg retreated and a measure of shares extended a three-day drop to 3.6 percent. The Chinese yuan traded offshore slid for a 10th straight day in the longest losing streak since March 2014, while the Hungarian forint sank to a record low as the central bank maintained a dovish monetary stance. Argentina\u2019s Merval led global equity declines after disappointing economic data. The risk premium on sovereign bonds over U.S. Treasuries widened. \u201cGlobal markets remain on tenterhooks,\u201d according to Shireen Darmalingam, a macro-economic strategist at Standard Bank Group Ltd. in Johannesburg. \u201cFresh tensions between the U.S. and China continued to damage sentiment and risk appetite for emerging-market assets.\u201d Investors fret over how a trade war between the world\u2019s two biggest economies could curb growth at a time when the Federal Reserve is accelerating its rate hikes and oil edges higher. While President Donald Trump suggested his administration wouldn\u2019t seek a hard line against Chinese investments, his top economic adviser Larry Kudlow said the talk doesn\u2019t amount to the U.S. retreating in its approach on trade. A leaked report from a Chinese government-backed think tank warned of a potential \u201c financial panic.\u201d \u201cThe volatility we\u2019re seeing in the yuan could reverberate across the rest of emerging markets given the size of the Chinese economy as well as the economic and financial linkages across the region,\u201d said Dushyant Padmanabhan, a currency strategist at Nomura Holdings Plc in Singapore.