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  12. “Remarks by Secretary Henry M. Paulson, Jr.: Meeting the Challenge: A Partnership on Energy and the Environment” (press center), US Department of the Treasury, April 2, 2008, https://www.treasury.gov/press-center/press-releases/Pages/hp903.aspx.

  13. He had been assistant to John Ehrlichman, assistant to the president for domestic affairs under President Richard Nixon.

  14. “Paulson Supports Beijing on Yuan Effort,” New York Times, April 2, 2008, www.nytimes.com/2008/04/02/business/worldbusiness/02iht-paulson.2.11620642.html.

  15. Andriy Moraru, “Chinese Yuan at New High vs. Dollar,” Forex News, July 10, 2008, www.topforexnews.com/2008/07/10/chinese-yuan-at-new-high-vs-dollar/.

  16. Kerry Brown, “Hu Jintao’s Legacy,” Foreign Policy, November 8, 2012, http://foreignpolicy.com/2012/11/08/hu-jintaos-legacy/.

  17. “Premier Wen Jiabao Attends and Addresses the Opening Ceremony of the Second Annual Meeting of Summer Davos,” Ministry of Foreign Affairs, the People’s Republic of China, September 27, 2008, www.fmprc.gov.cn/mfa_eng/wjdt_665385/zyjh_665391/t516624.shtml.

  18. “Premier Wen Jiabao Answered the Questions at the Opening Ceremony of Summer Davos and at the Meeting with Entrepreneurs,” Commissioner’s Office of China’s Foreign Ministry in the Hong Kong SAR, September 28, 2008, www.fmcoprc.gov.hk/eng/zgwjsw/t516628.htm.

  19. “Lehman Bros Files for Bankruptcy,” BBC News, September 16, 2008, http://news.bbc.co.uk/2/hi/business/7615931.stm.

  20. DOW Jones Industrial Average for historical period September 9, 2001, to September 15, 2008, Yahoo! Finance, https://finance.yahoo.com/quote/%5EDJI/history?period1=1000090800&period2=1221534000&interval=1d&filter=history&frequency=1d.

  21. John Kicklighter, “EURUSD Sees Biggest Drop Since Its Creation,” Daily FX, September 30, 2008, https://www4.dailyfx.com/story/market_alerts/technical_alert/2008/09/30/EURUSD_Sees_Biggest_Drop_Since_1222786916316.html; Vikas Bajaj and Michael M. Grynbaum, “For Stocks, Worst Single-Day Drop in Two Decades,” New York Times, September 29, 2008, www.nytimes.com/2008/09/30/business/30markets.html?_r=0; “In response to continued strains…” (press release), Board of Governors of the Federal Reserve System, September 29, 2008, www.federalreserve.gov/monetarypolicy/20080929a.htm.

  22. Associated Press, “Chinese Central Bank Trims Its Interest Rates,” New York Times, October 29, 2008, www.nytimes.com/2008/10/30/business/worldbusiness/30yuan.html?pagewanted=print.

  23. Judy Hua and Kevin Yao, “China Cuts Interest Rates for Third Time in Six Months as Economy Sputters,” Reuters, May 10, 2015, www.reuters.com/article/us-china-economy-rates-idUSKBN0NV0A320150510.

  24. Keith Bradsher, “China’s Central Bank Cuts Interest Rates,” New York Times, November 26, 2008, www.nytimes.com/2008/11/27/business/worldbusiness/27yuan.html?mcubz=1.

  25. Kathryn Hopkins, “China Forced into Fourth Interest Rate Cut of the Year,” Guardian (Manchester), November 26, 2008, www.theguardian.com/business/2008/nov/26/global-recession-china-banking.

  26. Kathryn Hopkins, “China Cuts Interest Rates to Protect Jobs,” Guardian (Manchester), December 22, 2008, www.theguardian.com/business/2008/dec/22/china-interest-rates.

  27. Finance Committee Questions for the Record: United States Senate Committee on Finance Hearing on Confirmation of Mr. Timothy F. Geithner to be Secretary of the US Department of Treasury, January 21, 2009: Answers to Questions from Chairman Baucus, www.finance.senate.gov/imo/media/doc/012209%20TFG%20Questions1.pdf.

  28. United States Senate Committee on Finance Hearing on Confirmation of Mr. Timothy F. Geithner, www.finance.senate.gov/imo/media/doc/012209%20TFG%20Questions1.pdf, question 13.

  29. Martin Crutsinger and Economics Writer, “US Declines to Cite China for Currency Manipulation,” ABC News, n.d., accessed September 11, 2017, http://abcnews.go.com/Business/story?id=7348223.

  30. “Major Foreign Holders of Treasury Securities” (table), Department of the Treasury/Federal Reserve Board, August 15, 2017, http://ticdata.treasury.gov/Publish/mfh.txt.

  31. “What Did Geithner Do?” People’s Daily, June 2, 2009, https://translate.google.com.br/translate?sl=zh-CN&tl=en&js=y&prev=_t&hl=pt-BR&ie=UTF-8&u=www.people.com.cn%2FBIG5%2F32306%2F33232%2F9401232.html&edit-text=.

  32. Ibid.

  33. Arshad Mohammed, “Clinton Says US and China Are in the Same Economic Boat,” Reuters, February 22, 2009, www.reuters.com/article/us-china-clinton-economy-idUSPEK28223020090222.

  34. Ambrose Evans-Pritchard, “Hillary Clinton Pleads with China to Buy US Treasuries as Japan Looks On,” Telegraph, February 22, 2009, www.telegraph.co.uk/finance/financialcrisis/4782755/Hillary-Clinton-pleads-with-China-to-buy-US-Treasuries-as-Japan-looks-on.html.

  35. “Clinton Says US Deficit Sends Message of Weakness,” Reuters, September 8, 2010, www.reuters.com/article/usa-deficit-clinton-idUSN0811406820100908.

  36. Tony Capaccio and Daniel Kruger, “China’s US Debt Holdings Aren’t Threat, Pentagon Says,” Bloomberg, September 10, 2012, www.bloomberg.com/news/articles/2012-09-11/china-s-u-s-debt-holdings-aren-t-threat-pentagon-says.

  37. Ben S. Bernanke, “Financial Reform to Address Systemic Risk” (speech, Council on Foreign Relations, Washington, DC, March 10, 2009), www.federalreserve.gov/newsevents/speech/bernanke20090310a.htm, Financial Reform to Address Systemic Risk.

  38. Ibid.

  39. Bloomberg, “China Concerned for US Investments,” New York Times, March 13, 2009, www.nytimes.com/2009/03/13/business/worldbusiness/13china.html.

  40. “Shenzhen Traders Profit from Currency Uncertainty,” South China Morning Post, March 31, 2009, www.scmp.com/article/675278/shenzhen-traders-profit-currency-uncertainty.

  41. “Premier Wen Jiabao Answered the Questions at the Opening Ceremony of Summer Davos,” www.fmcoprc.gov.hk/eng/zgwjsw/t516628.htm; Kevin Yao and Aileen Wang, “China Puts Focus on Consumers to Drive Growth,” Reuters, March 4, 2013, http://in.reuters.com/article/china-parliament-economy-gdp-idINDEE92402N20130305.

  42. Jason Dean, James T. Areddy, and Serena Ng, “Chinese Premier Blames Recession on US Actions,” Wall Street Journal, January 29, 2009, www.wsj.com/articles/SB123318934318826787.

  43. Zhou, “Reform the International Monetary System.”

  44. “Definition of Triffin Dilemma,” Financial Times, http://lexicon.ft.com/Term?term =Triffin-dilemma&mhq5j=e1.

  45. Zhou, “Reform the International Monetary System.”

  46. Lesley Wroughton and David Lawder, “Update 3—Obama Dismisses Idea of Single Global Currency,” Reuters, March 24, 2009, www.reuters.com/article/forex-usa-geithner-idUSN2434732920090325.

  47. Group of Twenty, “London Summit: Leaders’ Statement,” International Monetary Fund, April 2, 2009, www.imf.org/external/np/sec/pr/2009/pdf/g20_040209.pdf.

  48. The BRIC nations consisted of Brazil, Russia, India, and China. Adding in South Africa later made it the BRICS.

  49. Natalia Viana, “Brazil to Lend $10 Billion to the IMF,” Frontline Club, June 10, 2009, www.frontlineclub.com/brazil_to_lend_10bi_to_the_imf/.

  50. Todd Benson and Raymond Colitt, “Exclusive—Brazil Lends IMF Money Ahead of BRIC Summit,” Reuters, June 10, 2009, http://in.reuters.com/article/idINIndia-40228820090610.

  51. “Joint Statement of the BRIC Countries’ Leaders,” President of Russia Official Web Portal, June 16, 2009, http://tinyurl.com/yasr9w7u.

  52. Malcolm Moore, “Top Chinese Banker Guo Shuqing Calls for Wider Use of Yuan,” Telegraph, June 8, 2009, www.telegraph.co.uk/finance/financialcrisis/5473491/Top-Chinese-banker-Guo-Shuqing-calls-for-wider-use-of-yuan.html.

  53. “TEXT-Japan, China, S. Korea Central Bank Governors Meet,” Reuters, July 23, 2009, http://uk.reuters.com/article/china-japan-korea-centralbanks/text-japan-china-s-korea-central-bank-governors-meet-idUKSP52668920090723.

  54. “IMF to Make $250 Billion SDR Allocation on August 28,” International Monetary Fund, August 13, 2009, www.imf.org/external/np/exr/cs/news/2009/cso79.htm.

  55. Glenn Gottselig, “IMF Survey: IMF Injecting $283 Bill
ion in SDRs into Global Economy, Boosting Reserves,” International Monetary Fund, August 28, 2009, www.imf.org/external/pubs/ft/survey/so/2009/POL082809A.htm.

  56. Associated Press, “China to Buy $50 Billion of First I.M.F. Bonds,” New York Times, September 3, 2009, www.nytimes.com/2009/09/04/business/global/04imf.html.

  57. “China in Offshore Renminbi Bond Issue,” Financial Times, September 8, 2009, https://www.ft.com/content/5683a16e-9c3f-11de-ab58-00144feabdc0.

  58. Brian Love, “G7 Presses for Stronger Yuan,” Reuters, October 4, 2009, www.reuters.com/article/us-g-idUSL342133820091004.

  59. Ibid.

  60. China Monetary Policy Report: Quarter Three, 2009 (Monetary Policy Analysis Group of the People’s Bank of China, December 16, 2009), www.pbc.gov.cn/eportal/fileDir/image_public/UserFiles/english/upload/File/report_2009_3rdQtr.pdf.

  61. David Lawder and Kevin Yao, “Yuan Revaluation ‘China’s Choice’: Geithner,” Reuters, April 6, 2010, www.reuters.com/article/us-india-us-geithner-yuan-idUSTRE63524M20100407.

  62. Associated Press, “Wang, Geithner Exchange Views on Economic Relations,” China Daily, April 9, 2010, www.chinadaily.com.cn/china/2010-04/09/content_9705057.htm.

  63. Simon Rabinovitch and Paul Eckert, “China to Make Its Own Call on Yuan—Hu,” Reuters, April 12, 2010, www.reuters.com/article/uk-usa-china-yuan-idUKTRE63C04Y20100413.

  64. Philip Aldrick, “Yuan Jumps After China Loses Peg,” Telegraph, June 22, 2010, www.telegraph.co.uk/finance/currency/7844619/Yuan-jumps-after-China-loses-peg.html; Kevin Voigt, “Q&A: China’s Currency Moves,” CNN, June 22, 2010, http://edition.cnn.com/2010/BUSINESS/06/21/china.yuan.explainer/.

  65. “J.P. Morgan Provides Rmb Cross-Border Trade Settlement Services from Mainland China” (press release), JPMorgan Chase & Co., May 11, 2010, https://investor.shareholder.com/jpmorganchase/releasedetail.cfm?releaseid=468669.

  66. “Statement by the Honorable Zhou Xiaochuan, Governor of the People’s Bank of China and Governor of the IMF for China” (statement, Twenty-Second Meeting of the International and Monetary Financial Committee, Washington, DC, October 9, 2010), www.imf.org/External/AM/2010/imfc/statement/eng/chn.pdf.

  67. “Brazil Warns Currency War Could Threaten G20,” O Globo (Rio de Janeiro), October 8, 2010, https://translate.google.com.br/translate?sl=pt&tl=en&js=y&prev=_t&hl =pt-BR&ie=UTF-8&u=http%3A%2F%2Fg1.globo.com%2Fmundo%2Fnoticia%2F2010%2F10%2Fbrasil-adverte-que-guerra-de-divisas-pode-ameacar-g20.html&edit-text =&act=url.

  68. Interview with German Finance Minister Schäuble: “The US Has Lived on Borrowed Money for Too Long,” Der Spiegel (Hamburg), November 8, 2010, www.spiegel.de/international/world/interview-with-german-finance-minister-schaeuble-the-us-has-lived-on-borrowed-money-for-too-long-a-727801.html.

  69. Graeme Wearden, “Obama Defends QE2 Ahead of G20,” Guardian (Manchester), November 8, 2010, www.theguardian.com/business/2010/nov/08/obama-defends-qe2-g20-summit.

  70. Chris Isidore, “China Hikes Interest Rates,” CNN, October 19, 2010, http://money.cnn.com/2010/10/19/news/international/china_rates/.

  71. “China Increases Rates to Counter Highest Inflation in Two Years,” Bloomberg, December 25, 2010, www.bloomberg.com/news/articles/2010-12-25/china-raises-interest-rates-by-25-basis-points-in-bid-to-curb-inflation.

  72. “China’s Hu Jintao: Currency System Is ‘Product of Past,’” BBC News, January 17, 2011, www.bbc.co.uk/news/world-asia-pacific-12203391.

  73. Chris Hogg, “China Banks Lend More Than World Bank—Report,” BBC News, January 18, 2011, www.bbc.com/news/world-asia-pacific-12212936.

  74. Bob Davis and Aaron Back, “Inflation Worries Spread,” Wall Street Journal, February 9, 2011, www.wsj.com/articles/SB10001424052748704364004576131670845358208.

  75. Ibid.

  76. “China’s Premier Wen Jiabao Targets ‘Social Stability,’” BBC News, March 5, 2011, www.bbc.com/news/world-asia-pacific-12654931.

  77. “Chinese Inflation Hits Three-Year High,” BBC News, July 9, 2011, www.bbc.com/news/world-asia-pacific-14090908; Keith Bradsher, “Rising Chinese Inflation to Show Up in US Imports,” New York Times, January 11, 2011, www.nytimes.com/2011/01/12/business/global/12inflate.html.

  78. Katie Allen, “Acronym Acrimony: The Problem with Pigs,” Guardian (Manchester), February 12, 2010, www.theguardian.com/business/2010/feb/12/pigs-piigs-debted-eu-countries.

  79. William Lee Adams, “Anti-Cuts ‘March for the Alternative’ Draws 500,000 Protesters in London,” Time, March 26, 2011, http://newsfeed.time.com/2011/03/26/anti-cuts-march-for-the-alternative-draws-500000-protestors-in-london/.

  80. AFP, “Lagarde ‘Very Positive’ with Talks in China,” Emirates 24/7 News, June 9, 2011, www.emirates247.com/news/lagarde-very-positive-with-talks-in-china-2011-06-09-1.401839.

  81. “Lagarde Begins 1st Day as Head of IMF,” CNN, July 5, 2011, http://edition.cnn.com/2011/BUSINESS/07/05/imf.lagarde/.

  82. Kevin Gallagher, “Why Agustín Carstens Should Not Be Next Head of the IMF,” Guardian (Manchester), June 3, 2011, www.theguardian.com/commentisfree/cifamerica/2011/jun/03/imf-economics.

  83. Fion Li, “Yuan Strengthens Beyond 6.4 per Dollar for First Time Since 1993,” Bloomberg, August 22, 2011, www.bloomberg.com/news/articles/2011-08-11/china-s-yuan-strengthens-beyond-6-40-per-dollar-for-first-time-since-1993.

  84. “G7 to Hold Emergency Debt Crisis Talks,” Raidió Teilifís Éireann (Ireland), August 5, 2011, www.rte.ie/news/2011/0805/304613-economy/.

  85. Alex Hawkes, “ECB Intervention Brings Short-Term Relief in Volatile Day for Markets,” Guardian (Manchester), August 8, 2011, www.theguardian.com/business/2011/aug/08/ecb-intervention-european-stock-markets.

  86. Jana Randow, Jeannine Aversa, and Scott Lanman, “Central Bankers Race to Protect Growth in 72 Hours of Crisis,” Bloomberg, August 11, 2011, www.bloomberg.com/news/articles/2011-08-10/central-bankers-become-tower-of-strength-amid-debt-turmoil.

  87. Louise Armitstead and Jonathan Russell, “Christine Lagarde: IMF May Need Billions in Extra Funding,” Telegraph (London), September 25, 2011, www.telegraph.co.uk/finance/financialcrisis/8788223/Christine-Lagarde-IMF-may-need-billions-in-extra-funding.html

  88. Alessandra Corrêa, “Mantega cobra ação rápida da União Europeia contra a crise,” BBC Brasil, September 23, 2011, www.bbc.com/portuguese/noticias/2011/09/110923_mantega_washington_ac.shtml.

  89. “Global Leaders Call for Euro Debt Action,” BBC News, September 24, 2011, www.bbc.com/news/business-15048705.

  90. “Zhou Xiaochuan: Monetary Policy Has Not Changed the Timing of Aid to Europe,” CRNTT, September 26, 2011, https://translate.google.com.br/translate?sl=zh-CN&tl=en&js=y&prev=_t&hl=pt-BR&ie=UTF-8&u=http%3A%2F%2Fhk.crntt.com%2Fcrn-webapp%2Fdoc%2FdocDetailCreate.jsp%3Fcoluid%3D7%26kindid%3D0%26docid%3D101847361&edit-text=&act=url.

  91. Ibid.

  92. Michael Bristow, “China and Vietnam Sign Deal on South China Sea Dispute,” BBC News, October 12, 2011, www.bbc.co.uk/news/world-asia-pacific-15273007; Jane Perlez, “China Gives Pakistan 50 Fighter Jets,” New York Times, May 19, 2011, www.nytimes.com/2011/05/20/world/asia/20pakistan.html; “Russia-China Oil Pipeline Opens,” BBC News, January 2, 2011, www.bbc.com/news/world-asia-pacific-12103865.

  93. Toru Fujioka, “Yen-Yuan Trade Plan to Cut Dollar Dependence of China, Japan,” Bloomberg, December 26, 2011, www.bloomberg.com/news/articles/2011-12-25/china-japan-to-promote-direct-trading-of-currencies-to-cut-company-costs.

  94. “China Central Bank Chief Vows Prudent 2012 Monetary Policy,” Bloomberg, December 31, 2011, www.bloomberg.com/news/articles/2011-12-31/china-s-central-bank-to-keep-monetary-policy-prudent-in-2012-zhou-says.

  95. Dexter Roberts, “Understanding the China Slowdown,” Bloomberg, May 31, 2012, www.bloomberg.com/news/articles/2012-05-31/understanding-the-china-slowdown.

  96. “China Foreign-Exchange Reserves Drop First Time Since 1998,” Bloomberg, January 13, 2012, www.bloomberg.com/news/articles/2012-01-13/china-foreign-exchange-reserves-drop-for-first-quarter-in-more-than-decade.


  97. Nick Edwards and Zhou Xin, “China Central Bank Eyes Freer Yuan, Policy Flexibility,” Reuters, March 12, 2012, www.reuters.com/article/us-china-economy-idUSBRE82B0F220120312.

  98. “Timeline—China’s Interest Rate Reforms,” Reuters, July 19, 2013, www.reuters.com/article/uk-china-economy-rates-timeline-idUKBRE96I0L120130719?mod=related& channelName=businessNews.

  99. “Chairman Bernanke’s College Lecture Series,” Board of Governors of the Federal Reserve System, www.federalreserve.gov/aboutthefed/educational-tools/chairmans-lecture-series-about.htm.

  100. “Chinese Central Bank Widens Yuan Currency Trading Band,” Reuters, April 13, 2012, www.reuters.com/article/china-cbank-yuan-band-idUSB9E8D701U20120414; Ye Xie, “PBOC’s Yi Says Market Has Bigger Role Deciding Yuan Value,” Bloomberg, April 21, 2012, www.bloomberg.com/news/articles/2012-04-21/pboc-s-yi-says-market-should-help-decide-yuan-s-value.

  101. Fion Li and Kyoungwha Kim, “Yuan Drops Most in Three Months as China Widens Band,” Bloomberg, April 16, 2012, www.bloomberg.com/news/articles/2012-04-16/pboc-weakens-yuan-fixing-by-0-13-after-widening-trading-band.

  102. “2012 US-China Strategic and Economic Dialogue,” US Department of State, https://2009-2017.state.gov/e/eb/tpp/bta/sed/2012/index.htm.

  103. “Geithner Says Yuan Gains Would Aid China Economic Shift,” Bloomberg, May 3, 2012, www.bloomberg.com/news/articles/2012-05-03/geithner-sees-need-for-1970s-style-shift-in-china-economy.

  104. “Zhou Xiaochuan: Let the Market Verify the RMB Exchange Rate Imbalance or Not,” China News Network, April 4, 2012, https://translate.google.com.br/translate?sl=zh-CN&tl=en&js=y&prev=_t&hl=pt-BR&ie=UTF-8&u=http%3A%2F%2Ffinance.people.com.cn%2Fforex%2FGB%2F17805424.html&edit-text=&act=url.

  105. “China Reduces Interest Rates for First Time Since 2008,” Bloomberg, June 7, 2012, www.bloomberg.com/news/articles/2012-06-07/china-cuts-interest-rates-for-first-time-since-2008.

  106. Bob Davis, Aaron Back, and Lingling Wei, “China Cuts Key Interest Rates,” Wall Street Journal, July 5, 2012, www.wsj.com/articles/SB10001424052702303962304577507510579917988.