This paper analyzes the consequences of the internationalization of the Chinese renminbi for the global monetary system … moderate the perceived need for insurance, and China would have to loom large in both solutions …

, with the spread of globalization, there is a new periphery, Asia, but the same old core, the United States, with the same … indefinitely. The United States can continue running current account deficits because the emerging markets of Asia and Latin … of Asia constituting the new periphery are unlikely to be able to subordinate their individual interest to the collective …

for China. (1) China's economy is on the overheating side of internal balance, and appreciation would help easy … inflationary pressure. (2) Although foreign exchange reserves are a useful shield against currency crises, by now China's current … economy like China can achieve adjustment in the real exchange rate via flexibility in the nominal exchange rate more easily …