Emerging markets have had a terrible, horrible, no good, very bad year. In other words, the stocks have sold off sharply, and the currencies have been hammered as US interest rates rise and China’s growth slows.

The benchmark MSCI Emerging Markets index is 23% below its January high, after rising 34% last year. China’s Shanghai Composite index has fallen 35%. Turkey’s lira has lost 37%, and the pain could spread.