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The Architecture of CollapseThe Global System in the 21st Century$
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Mauro F. Guillén

Print publication date: 2015

Print ISBN-13: 9780199683604

Published to Oxford Scholarship Online: November 2015

DOI: 10.1093/acprof:oso/9780199683604.001.0001

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The U.S./China Relationship

The U.S./China Relationship

Chapter:
(p.104) 5 The U.S./China Relationship
Source:
The Architecture of Collapse
Author(s):

Mauro F. Guillén

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199683604.003.0005

The global dynamics of complexity and tight coupling unfold at the level of bilateral relationships, creating different levels of risk. The U.S./China relationship is crucial because it involves the world’s two largest economies, and has become increasingly complex in terms of trade, direct investment, and information flows, although it is not as tightly coupled because the U.S. and China are also closely connected to other economies in the world in terms of trade imbalances, portfolio investment, currency trading, and cross-border banking. The greatest concern has to do with the continuing role played by the U.S. and China as the consumer of last resort and the lender of last resort, respectively. The future of the dollar as the most important international and reserve currency hangs in the balance, while the Chinese currency is years away from playing an international role, and digital currencies are still at the experimental stage.

Keywords:   trade, investment, international currency, reserve currency, digital currency

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