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“This is a very, very difficult moment for countries that had banked on commodity exports to China,” says Cynthia Arnson, the director of the Latin American Program at the Woodrow Wilson Center for International Scholars, a Washington-based think tank.

Arnson says Chilean authorities are, to some degree, equipped to handle this sort of downturn. “It has solid financial institutions, an independent central bank and has also made efforts to move up the value chain into processing of primary commodities,” she says. “With that said, the structure of the Chilean economy has not changed all that much.”

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