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China still not ready to supplant U.S. dollar hegemony

Opaque economy and distrust of Beijing's ambitions will prove difficult to overcome

| South Asia
Federal Reserve Chairman Jerome Powell's news conference on the screen at the New York Stock Exchange on June 15: Emerging markets are vulnerable to changes in the Fed's stance.   © AP

Rupa Subramanya is a distinguished fellow of the Asia Pacific Foundation of Canada and the co-author of "Indianomix: Making Sense of Modern India."

As if the COVID pandemic were not bad enough, global economic and political turmoil are wreaking havoc with emerging economies, both rich and poor.

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