paralysis that has blocked effective policymaking, and emerging competitors such as the Chinese renminbi have heightened …-including the growing economic influence of emerging markets, the currency wars, the complexities of the China-U.S. relationship …

euro and the Chinese renminbi (RMB). It focuses on what we call China’s “dominance hypothesis”, i.e. whether the renminbi … global financial crisis. These results are consistent with China’s dominance hypothesis and with the view that the … international monetary system is already tri-polar. However, we also find that China’s currency movements are to some extent …