The credit default swap (CDS) is implicated in the global financial crises because a vast market for securities collateralized by subprime mortgages and consumer debt could not have materialized if hedge funds and other holders of these instruments lacked a means of hedging default "risk." The...

The discussions on Renminbi (RMB) exchange rate could not depart from the ongoing reform of RMB exchange rate regime, which must be designed and promoted as an integral part of the large open economy macroeconomic policy framework. As a large open economy facing the Trilemma, China should...