Emerging stocks pushed to their highest in almost a decade on Thursday as Chinese economic data beat forecasts, with some Asian bourses at record peaks, while the lira and rand firmed ahead of central bank meetings.
China's economy grew by 6.8 percent in the fourth quarter and industrial output expanded by 6.2 percent, both ahead of expectations, adding fuel to the bullish sentiment in regional markets.
China's mainland shares rose almost 1 percent to two-year highs, while Hong Kong, Indonesia, India and Thailand all scaled fresh peaks.
MSCI's benchmark emerging equities index continued its steady ascent, up 0.3 percent, after a rally on Wall Street ended with a round of record closing highs.
Emerging Europe also opened stronger with Moscow shares up 0.3 percent to an all-time high, underpinned by oil prices near $69 a barrel. Warsaw shares touched their highest since November 2013.
William Jackson, senior emerging market economist at Capital Economics, said a number of positive factors were underpinning emerging markets.
"It's a confluence of tailwinds—strong growth domestically and a favorable external environment, in most countries relatively strong balance sheets, and a rise in commodity prices, particularly oil, have provided support to commodity producers, while the weakness in the dollar recently has helped emerging currencies."
The Turkish lira firmed 0.5 percent against the dollar and the South African rand 0.6 percent.
Both countries' central banks meet today but rates are expected to stay on hold, Turkey at 12.75 percent and South Africa at 6.75 percent.
Jackson said South Africa's central bank had made a very hawkish statement at its previous meeting but now the rand has strengthened, the question was whether the bank would cut rates.