Emerging market currencies are the new hotness, according to the world’s top financial regulators.
The International Monetary Fund and the World Bank both put them among the top ten emerging markets.
They’re gaining ground in many ways, including their ability to create new currencies.
In addition, the World Economic Forum has designated emerging markets as one of the ten most important emerging economies for the future of global finance.
The United States has a similar designation, which it announced Wednesday.
Emerging markets are now the top 10 financial regions for growth, according the World Banking Group, which tracks the development of emerging markets by the global financial sector.
Emerging market countries are also emerging because they’re not well known in the United States, said John J. Sargent, the president and CEO of the World Financial Group.
The World Bank says emerging economies now account for 12% of the world economy, up from just 7% five years ago.
“We’re seeing more of a recognition of the role that emerging markets can play in the global economy,” Sargant said.
Emerging world nations have long been important to the U.S. economy, as they contribute to the global supply chains that help make goods and services from abroad, such as from China.
They also are key to the economies of emerging nations that depend on U.s. dollars for export.
Emerging economies also have a lot of influence on global trade, said Mark R. Thomas, an associate professor of finance at the University of Michigan who focuses on emerging markets and international finance.
“There are a lot more people involved in international finance now than there used to be,” Thomas said.
In 2013, the IMF estimated that more than $6 trillion of U.