This paper investigates China's role in creating global imbalances, and the related call for a massive renminbi … prominence widely attributed to China as a cause of global imbalances and the exclusive focus on the renminbi-dollar exchange … rate as misguided. And we emphasize that China's response to the global crisis has been exemplary. Apart from acting as a …

show that an overhaul of China's social safety net is capable of reducing global imbalances whatever the exchange …

various monetary regimes, the paper shows that the contribution of China in global rebalancing should primarily rely on … structural policies aiming at reducing aggregate savings in China. The role of the exchange-rate regime would be minor under … today. Finally, relying only on a change in China’s monetary regime (without structural reforms) could end up in delaying …

Product and financial market integration determine the global implications of China's recent growth surge and its on …-going transition from export led growth. These alter China's structural imbalance (its excess product supply and excess saving), which …