The writer is an investment director at GAM
The dollar rise over the past year has inspired a lot of hopeful thinking in emerging markets about reducing their dependence on the currency and sensitivity to the tides of US rates.
The Federal Reserve hiking cycle of 2022 emphasised how tightly international monetary conditions are linked to those in the US, while the robust sanctions-led US response to the Russian invasion of Ukraine has led to a debate about how to build a financial system independent of the west.
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