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A black swan virus shock brought the world to its knees—dealing a particularly acute blow to emerging markets. It was only a year ago that emerging markets recovered from the previous Federal Reserve (Fed) tightening and trade war crises. Britney Spears’s…Baby One More Timeseems like an apt description for the series of shocks that emerging markets have gone through. However, this time around both developed and emerging markets have experienced large currency depreciations, yet this might morph into more of an emerging market stress than previously imagined. As we sift