Markets across the world ponder central banks' role in helping economies

The upcoming Federal Reserve policy meeting later this month will be one of the most watched global financial market events since the United States central bank began raising interest rates at the end of 2015, and the first time since the global financial crisis.

This time, the expected outcome and euphoria surrounding the meeting is a completely different story compared to what transpired four years ago. The market is not looking for the Federal Reserve to raise interest rates, but watching to see if it cuts them instead.

This could have instant implications for the yuan and wider financial markets, because it would immediately encourage investors to keep capital in emerging markets - essentially giving a nudge of approval for the yuan to strengthen.