Following a bout of market turmoil that's weighed on their currencies, central banks in emerging economies are moving fast to contain the damage.

They are considering the full range of policies at their disposal.

While the People's Bank of China made another liquidity injection Tuesday into the country's financial markets in an attempt to ease strained credit conditions, India's central bank unexpectedly raised interest rates to prop up its ailing currency. Turkey's central bank is expected to follow suit later at an extraordinary policy meeting after the lira hit a series of all-time lows.

Much of the turmoil in global financial markets over the past week has been due to developments in emerging economies. Argentina has experienced probably the most eye-catching currency fall amid concerns over the government's economic policies.