Has the pound become emerging-market money?

STERLING WASEMG once the world’s dominant currency. As the American dollar took its crown, it became second-tier but remained elite, and for decades was content with its lot. Yet lately the pound’s shine seems to have dulled again—so much so, says Kamal Sharma of Bank of America, that it has been “acting [like] emerging-market () currencies”.It is not that the pound has suddenly turned into the Turkish lira or the Argentine peso. It remains part of the 5 group of heavily traded currencies, alongside the dollar, the euro, the Japanese yen and the Swiss franc. Yet it has proved more vulnerable to crises than the others.