LONDON: Investment bank JPMorgan turned 'underweight' on emerging market currencies on Friday, warning a slowdown of China's economic growth, troubles in its property sector and less supportive global monetary policy were all growing risks.

"EM growth concerns from COVID-19 drags are receding but risks that China's growth slowdown along with property sector drag will impact EM more broadly have risen," the bank's analysts said in a note.

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"The Fed stance does not help EM either," they added. "EM currencies cannot rely on a dovish Fed, with the best of global liquidity conditions likely behind us."

JPMorgan analysts downgraded the entire Chinese property sector last week and have warned there could be as many as 11 defaults by riskier, 'high-yield' Chinese firms.