China’s $1trn 2015-6 reserve shock remains the benchmark for recent EM’s balance of payments shocks. 2020 was far more widespread, but less deep and prolonged.

In 2020 US imports from both Germany and UK contracted, but UK goods were hit far harder -> German/UK ratio surged. @valentinaromei ft.com/content/869f7e… https://t.co/1akWq2tYs8

Mexico will cash in its oil price insurance policy receiving a payout of about $2.5 bn from its 2020 sovereign oil hedge v. $5.1 bn