This study divides the world into currency zones according to the co-movement of each currency with the key currencies … dollar zone. In such a world, the rise of another large economy poses the question not of relative size but rather of re …

potentially subsidized capital allocation in China the real yuan/dollar rate is undervalued. This has caused - both in China and …-American policy coordination to escape from the policy dilemma, which continues to drive global imbalances. -- China ; exchange rate …

to the collapse in world trade and sharp drop in commodity prices. Things were made worse by emerging markets' exposure …