Glick, Reuven; Hutchison, Michael - Federal Reserve Bank of San Francisco - 2008
In recent years China has faced an increasing trilemma—how to pursue an independent domestic monetary policy and limit … impact of the trilemma on China’s monetary policy as the country liberalizes its goods and financial markets and integrates … with the world economy. It shows how China has sought to insulate its reserve money from the effects of balance of payments …