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Japan's banks suddenly hold huge leverage over China's economy

Accessing dollars outside the U.S. is not as easy as it sounds

| China
As Russia is discovering, the ability to access currency reserves depends on the goodwill of G-7 nations.   © Reuters

Andrew Hunt is CEO of Hunt Economics. Ben Ashby is a former JPMorgan managing director.

As Russia is painfully discovering, the world's financial system is controlled by the Group of Seven economies. With the U.S. Federal Reserve starting to tighten monetary policy as the financial contagion from the Ukraine crisis also starts to spread, dollar liquidity in Asia is likely to become tighter.

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