Since the start of the global bull market in 2003 emerging Asian shares have gained 210% in dollar terms, compared with an average of 440% in Latin America.

自从2003年全球牛市开始以来，新兴亚洲市场的股票以美元计增加了210%，而同期拉丁美洲的股票平均增加了440%。

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Indeed, the turmoil is partly fueled by market expectations that Asian currencies pegged to the dollar will be devalued to preserve export competitiveness, given the greenback's strengthening in the past couple of years.

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There has been some market chatter that Asian central banks, which are thought to have conducted dollar-buying intervention over the last few weeks, may be looking to sell the dollar to buy currencies such as the euro and the Australian dollar, in order to diversify their portfolios, Ryan said.

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Hong Kong, one of the few Asian countries to maintain a fixed parity to the dollar, spent the summer intervening in its stock market to defend its currency link.

BBC: Curbing global turmoil