demonstrated by the renminbi trade settlement scheme piloted between the People's Republic of China and Hong Kong, China, the … the current global financial system. Asia was adversely affected by the crisis not only because of its dependence on trade …, but also because of its heavy reliance on the US dollar for regional and international transactions. As Asia's role in the …

This paper examines the role of Japan against that of China in the exchange rate regime in East Asia in light of … growing interest in forming a currency union in the region. The analysis suggests that currency unions with China tend to …, Japan does not appear to be a dominant player in forming a currency union in East Asia, and this trend is likely to continue …

China has been provoked into speeding renminbi internationalization. But despite rapid growth in offshore financial … could attract even more hot money inflows, the People's Bank of China should focus on tightly stabilizing the yuan/ dollar … exchange rate to encourage naturally high wage increases for balancing China's international competitiveness. …