various monetary regimes, the paper shows that the contribution of China in global rebalancing should primarily rely on … structural policies aiming at reducing aggregate savings in China. The role of the exchange-rate regime would be minor under … today. Finally, relying only on a change in China’s monetary regime (without structural reforms) could end up in delaying …

exploitation by the People’s Bank of China (PBOC) to help internationalizing the renminbi. This trend was further confirmed in the …