(Bloomberg) -- The selloff in emerging markets after Donald Trump's U.S. presidential election was intense. A closer look reveals that things aren't as bad as they might seem.

While local-currency bonds suffered their biggest losses last week since 2008 following the Republican's surprise victory, a gauge of volatility in developing-market currencies remained 16% below the levels seen in February. The cost to hedge against foreign-exchange losses is 38% cheaper than it was in August 2015 when China's yuan devaluation rattled global investors.

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