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A newsstand owner counts Argentine pesos bills in Buenos Aires on January 24, 2014. Argentina on Friday lifted restrictions in place since 2011 that limited the purchase of foreign currency, a day after the peso suffered its worst single-day dive since the 2002 financial crisis.  - 

Emerging markets are starting off 2014 in the worst place they've been in 5 years. Investors are fleeing after recent financial tumult in places like Argentina, Turkey, and Thailand. But that's not the only reason the stock market has hit a stumbling block, says the BBC's John Sudworth in Shanghai.

"It's been a pretty gloomy start to 2014, and I guess to sum it up in a nutshell, two reasons: less Fed, and less China," he says. "I think in particular, it's the less China that we should focus on, and the real worry is that Chinese growth is slowing. And that's why many analysts believe we're seeing the sea of red across the trading boards."

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