2. CURRENCY WARS INTENSIFY
China's surprise devaluation earlier this month lit a fuse in the so-called global "currency wars", prompting two competitive devaluations this week as a direct consequence: Vietnam devalued the dong and, more spectacularly, the Kazakh tenge plunged around 25 percent after it was allowed to float freely. Many other emerging market currencies, including Brazil's real and Turkey's lira, are sinking to historic lows on an almost daily basis. Where is the pressure most intense - Saudi's riyal peg? Nigeria's naira? Watch this space.
* Kazakhstan floats tenge, currency tumbles
* ANALYSIS-China's devaluation may be bad news for FX industry (Reuters)