EM and frontier FX are increasingly used to access yield and diversification beyond G10 currencies, but they come with uneven liquidity and political risk. This roundtable brings PMs together to compare how they size EM and frontier FX exposure, manage liquidity, and adjust positions during periods of stress.

EM FX remains a core but complex part of global portfolios, shaped by policy differences, liquidity conditions and political developments. This interview focuses on how PMs implement EM and frontier FX in practice- comparing country risks, assessing market depth, sizing positions, and managing drawdowns during periods of volatility. The discussion will also explore how fiscal constraints and policy credibility in EM markets influence FX risk, and when EM exposure supports diversification versus increasing portfolio volatility.