Wells Fargo Securities' McKenna on EM Currencies

The video discusses the vulnerability of EM Asian currencies, particularly those with dovish central banks like Indonesia, Thailand, and the Philippines. It highlights Thailand's monetary policy challenges, with inflation rising and the Bank of Thailand's inaction. The Chinese yuan's resilience is attributed to PBOC's FX interventions and China's economic recovery. Lastly, the video identifies resilient EM currencies like the Hong Kong and Taiwan dollars, supported by strong fundamentals and hawkish central banks.

What factors contribute to the resilience of certain currencies in the EM complex?

What is the outlook for the Hong Kong dollar and Taiwan dollar based on the text?