Note that Vanguard's emerging markets bond fund, according to the preliminary prospectus,
"seeks to track the performance of a benchmark index that measures the investment return of U.S. dollar-denominated bonds
issued by governments of emerging market countries. "Credit risk should be moderate for the Fund because it purchases investment-grade and high-yield bonds."
So, all international bond investors need to decide whether they
a) merely want to diversify globally across differences in interest rates and government policies, and prefer not
to take currency risk if they don't need to, or whether they
b) are convinced the dollar is going to weaken again and want to do currency speculation, but would like some bond interest with their currency speculation.
Vanguard's fund, if ever launched, would be interesting to those in category (a).
Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.