OECD plays down emerging markets selloff risk

...did not believe there was a risk of an emerging markets selloff due to global monetary tightening.

"I don't think the whole situation today is conducive to any kind of very dramatic or very unexpected events," Gurria told Reuters at a conference when asked about whether there was a risk of an emerging markets selloff amid global tightening.

Emerging markets have been hit by expectations that U.S. interest rates will not fall soon, or may even rise further.

Weak stock markets, due partly to concerns about the exposure of U.S. lenders to subprime mortgages, have also reduced investor interest in risky assets around the world.