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  107. “China Economic Growth Dips to 8.1% in the First Quarter,” BBC News, April 13, 2012, www.bbc.co.uk/news/business-17686247.

  108. “Bank of China Governor Pulls Out of IMF Meeting Amid Islands Row,” Financial Post (Toronto), October 10, 2012, http://business.financialpost.com/news/economy/bank-of-china-governor-pulls-out-of-imf-meeting-amid-islands-row/wcm/d5419442-47d7-4620-b722-b7771132b2f4; Kevin Voigt, “China’s Top Banker Snubs IMF Meeting,” CNN, October 10, 2012, http://edition.cnn.com/2012/10/10/business/japan-china-imf-zhou/.

  109. Fion Li, “China’s Currency Just Hit a 19-Year High,” Business Insider, October 11, 2012, www.businessinsider.com/yuan-strengthens-beyond-628-a-dollar-2012-10.

  110. “Inflation China’s Key Long-Term Risk: Central Bank Chief,” Reuters, November 17, 2012, www.reuters.com/article/us-china-economy-inflation-idUSBRE8AG04P20121117.

  111. Ibid.

  112. Ibid.

  113. China Monetary Policy Report, Quarter Three (Beijing: Monetary Policy Analysis Group of the People’s Bank of China, November 2, 2012), www.pbc.gov.cn/eportal/fileDir/image_public/UserFiles/english/upload/File/China%20Monetary%20Policy%20Report,%20Quarter%20Three(2).pdf.

  114. Kasia Klimasinska and Ian Katz, “US Treasury Declines to Name China Currency Manipulator,” Bloomberg, November 27, 2012, www.bloomberg.com/news/articles/2012-11-27/u-s-treasury-declines-to-name-china-currency-manipulator.

  115. Report to Congress on International Economic and Exchange Rate Policies (Washington, DC: US Department of the Treasury, Office of International Affairs, November 27, 2012), www.treasury.gov/resource-center/international/exchange-rate-policies/Documents/Foreign%20Exchange%20Report%20November%202012.pdf.

  116. Cary Huang, “China’s Third Plenum: Party’s Third Plenum Pledges ‘Decisive Role’ for Markets in China’s Economy,” South China Morning News, November 12, 2013, updated November 13, 2013, www.scmp.com/news/china/article/1354411/chinas-leadership-approves-key-reform-package-close-third-plenum.

  117. “Is the Head of China’s Central Bank Going?” Ekina, September 25, 2014, http://ekina.gr/en/news/55-epikairotita/379-central-banker.

  118. “China’s Zhou Xiaochuan Announced as Euromoney’s Central Bank Governor of the Year” (press release), Euromoney, September 22, 2011, www.euromoney.com/Article/2904332/Press-release-Chinas-Zhou-Xiaochuan-announced-as-Euromoneys-Central-Bank-Governor-of-the-Year.html.

  119. “Current Members,” Group of Thirty, http://group30.org/members. Established in 1978, the Group of Thirty is a private, nonprofit, international body composed of elite representatives from the private and public sectors and academia. It explores global economic and financial issues.

  120. Ibid.

  121. “Romney Hits Obama on China Policies,” Reuters, October 13, 2012, www.reuters.com/article/us-usa-campaign-china-idUSBRE89C0HQ20121013.

  122. “Questions for the Record: Nomination of Jacob J. Lew to Be Secretary of the Treasury, Hearing Date: February 13, 2013,” www.finance.senate.gov/imo/media/doc/2-20-2013%20Lew%20QFRs.pdf.

  123. “China Reforms Chip Away at Privileges of State-Owned Companies,” Financial Times, November 19, 2013, www.ft.com/content/42fc92d4-510a-11e3-b499-00144feabdc0.

  124. Franz Wild, Arnaldo Galvao, and Ilya Arkhipov, “BRICS Approve Currency Fund as Bank Start-Up Stalls,” Bloomberg, March 27, 2013, www.bloomberg.com/news/articles/2013-03-27/brics-approve-currency-fund-as-bank-start-up-stalls.

  125. Mamta Badkar, “China’s Yuan Hit a 19-Year High,” Business Insider, March 31, 2013, www.businessinsider.com/chinas-yuan-hit-a-19-year-high-2013-3.

  126. Report to Congress on International Economic and Exchange Rate Policies (Washington, DC: US Department of the Treasury, Office of International Affairs, April 12, 2013), www.treasury.gov/resource-center/international/exchange-rate-policies/Documents/Foreign%20Exchange%20Report%20April%202013.pdf.

  127. “Treasury Releases Semi-Annual Report to Congress on International Economic and Exchange Rate Policies” (press release), US Department of the Treasury, April 12, 2013, www.treasury.gov/press-center/press-releases/Pages/jl1895.aspx.

  128. Kasia Klimasinska and Ian Katz, “US Urges Japan to Refrain from Competitive Yen Devalue,” Bloomberg, April 12, 2013, www.bloomberg.com/news/articles/2013-04-12/u-s-to-press-japan-to-refrain-from-competitive-devaluation.

  129. Kyoungwha Kim, “Yuan Gains Most in 3 Weeks as Central Bank Sets Record Fixing,” Bloomberg, June 17, 2013, www.bloomberg.com/news/articles/2013-06-17/yuan-gains-most-in-3-weeks-as-central-bank-sets-record-fixing.

  130. Nathaniel Lubin, “President Obama Nominates Dr. Janet Yellen as Fed Chair,” The White House (blog), October 9, 2013, www.whitehouse.gov/blog/2013/10/09/president-obama-nominates-dr-janet-yellen-fed-chair.

  131. “ECB and the People’s Bank of China Establish a Bilateral Currency Swap Agreement” (press release), European Central Bank, October 10, 2013, www.ecb.europa.eu/press/pr/date/2013/html/pr131010.en.html.

  132. Fion Li, “Yuan Passes Euro as 2nd-Most Used Trade-Finance Currency,” Bloomberg, December 3, 2013, www.bloomberg.com/news/articles/2013-12-03/yuan-passes-euro-to-be-second-most-used-trade-finance-currency.

  133. “PBOC Will ‘Basically’ End Normal Yuan Intervention: Zhou,” Bloomberg, November 19, 2013, www.bloomberg.com/news/articles/2013-11-19/pboc-will-basically-exit-normal-yuan-intervention-zhou-says.

  134. Jeff Kearns and Joshua Zumbrun, “Bernanke Says QE Works While Posing No Immediate Bubble Risk,” Bloomberg, January 16, 2014, www.bloomberg.com/news/articles/2014-01-16/bernanke-says-qe-effective-while-posing-no-immediate-bubble-risk.

  135. Ibid.

  136. Keith Bradsher, “With China Awash in Money, Leaders Start to Weigh Raising the Floodgates,” New York Times, January 15, 2014, www.nytimes.com/2014/01/16/business/international/china-dwarfs-us-in-monetary-stimulus.html.

  137. William Mallard, “After Fall, Japan Yen in Sweet Spot for Economy, but US Watching,” Reuters, January 26, 2014, www.reuters.com/article/us-japan-yen-idUSBREA0P0MX20140126.

  138. James Glynn, “South Korea Urges Japan Not to Rely on Yen Weakness,” Wall Street Journal, February 21, 2014, www.wsj.com/news/articles/SB10001424052702303636404579396303754316122.

  139. “Economic Policy After the Omnibus” (transcript of event of the Council on Foreign Relations, January 16, 2014), www.cfr.org/event/economic-policy-after-omnibus-0.

  140. Fion Li and Kyoungwha Kim, “Yuan Drops Most on Record Amid Band Widening Speculation,” Bloomberg, February 28, 2014, www.bloomberg.com/news/articles/2014-02-28/china-yuan-set-for-worst-month-in-20-years-on-band-widening-bets.

  141. Matthew Boesler, “China’s Currency Just Saw Its Biggest Weekly Drop Since 2011,” Business Insider, February 21, 2014, http://www.businessinsider.com/chinese-yuan-drops-most-since-2011-2014-2.

  142. “Zhou Xiaochuan: China’s Deposit Rates to Be Freed within 2 Years,” China Economic Net, March 11, 2014, http://en.ce.cn/subject/exclusive/201403/11/t20140311_2460792.shtml.

  143. “China Sees Expansion Outweighing Yuan, Shadow Bank Risk,” Bloomberg, February 23, 2014, www.bloomberg.com/news/articles/2014-02-23/china-downplays-yuan-banking-risk-as-zhou-sees-7-to-8-growth.

  144. “Chair Yellen’s Press Conference” (transcript), Board of Governors of the Federal Reserve System, March 19, 2014, www.federalreserve.gov/mediacenter/files/FOMCpresconf20140319.pdf.

  145. Jane Perlez, “Lew Urges China to Ease Exchange Rate Controls,” New York Times, May 13, 2014, www.nytimes.com/2014/05/14/business/lew-urges-china-to-ease-controls-on-exchange-rate.html.

  146. “Press Statements Following Russian-Chinese Talks” (transcript), President of Russia, May 8, 2015, http://en.kremlin.ru/events/president/transcripts/49433; “Xi Jinping Holds Talks with President Vladimir Putin of Russia, Stressing to Expand and Deepen Practical Cooperation, Promoting China-Russia Comprehensive Strategic Partnership of Coordination to Higher Level,” Ministry of Foreign Affairs of the People’s Republic of China, May 20, 2014, www.fmprc.gov.cn/mfa_eng/topics_
665678/yzxhxzyxrcshydscfh/t1158516.shtml.

  147. “Sanctions Will Make Russia Stronger—Medvedev,” RT News, April 22, 2014, www.rt.com/business/154012-sanctions-russia-stronger-medvedev/.

  148. Nicole Hong and Lingling Wei, “US Companies Step Up Business Conducted in Yuan,” Wall Street Journal, July 9, 2014, www.wsj.com/articles/u-s-companies-step-up-business-conducted-in-yuan-1404947781.

  149. Ben Yue, “Cross-Border Trade in Yunnan Shows the Road Ahead,” China Daily, July 5, 2013, www.chinadailyasia.com/business/2013-07/05/content_15077137.html.

  150. Kevin Yao and Lesley Wroughton, “China Agrees to Reduce FX Intervention ‘as Conditions Permit,’” Reuters, July 10, 2014, www.reuters.com/article/us-china-usa-cenbank-idUSKBN0FF0BQ20140710.

  151. Ibid.

  152. China Monetary Policy Report Quarter Two, 2014, August 01, 2014 (Beijing: Monetary Policy Analysis Group of the People’s Bank of China, August 1, 2014), www.pbc.gov.cn/eportal/fileDir/image_public/UserFiles/english/upload/File/2014MPRQ2%28after%20Nancy%29%281%29.pdf.

  153. China Monetary Policy Report Quarter One, 2014 (Beijing: Monetary Policy Analysis Group of the People’s Bank of China, May 6, 2014), 30, www.pbc.gov.cn/eportal/fileDir/image_public/UserFiles/english/upload/File/2014Q1_MPR_Nancy_(1).pdf.

  154. Reuters, “China Says Has No Intention of Using Currency Devaluation to Its Advantage,” CNBC, February 24, 2017, www.cnbc.com/2017/02/24/china-says-has-no-intention-of-using-currency-devaluation-to-its-advantage.html.

  155. Kasia Klimasinska and Simon Kennedy, “Lew Warns Against Competitive Devaluation as Dollar Gains,” Bloomberg, October 10, 2014, www.bloomberg.com/news/articles/2014-10-10/lew-warns-against-competitive-devaluation-as-dollar-gains.

  156. Foreign Exchange Policies of Major Trading Partners of the United States (Washington, DC: US Department of the Treasury, Office of International Affairs, April 29, 2016), www.treasury.gov/resource-center/international/exchange-rate-policies/Documents/2016-4-29%20(FX%20Pol%20of%20Major%20Trade%20Partner)_final.pdf.

  157. Ibid.

  158. “Statement by the Honorable Yi Gang, Alternate Governor of the International Monetary Fund for the People’s Republic of China” (Governor’s Statement No. 35, 2014 Annual meetings, International Monetary Fund World Bank Group, Washington, DC, October 10, 2014), www.imf.org/external/am/2014/speeches/pr35e.pdf.

  159. Stefan Riecher and Jeff Black, “ECB Said to Consider Step to Add Yuan for Foreign Reserves,” Live Mint, October 11, 2014, www.livemint.com/Politics/nIjUHnmg0J6tMzt9ScBVTM/ECB-said-to-consider-step-to-add-yuan-for-foreign-reserves.html.

  160. Belinda Cao, “China’s Zhou Says Some Countries Using Yuan in Reserves,” Bloomberg, October 11, 2014, www.bloomberg.com/news/articles/2014-10-11/china-s-zhou-says-some-countries-using-yuan-in-reserves.

  161. SR, “Say It Ain’t So, Zhou,” Economist, September 25, 2014, www.economist.com/blogs/freeexchange/2014/09/new-central-banker-china.

  162. “G20 Worried About the ‘Stumbling Block’ of Europe’s Slow Growth,” Guardian (Manchester), September 21, 2014, www.theguardian.com/world/2014/sep/21/g20-concerns-europe-slow-growth-stumbling-block-ecb.

  163. “PBOC Confirms New Liquidity Tool as It Holds Off Easing,” Bloomberg, November 6, 2014, www.bloomberg.com/news/articles/2014-11-06/china-central-bank-confirms-126-billion-in-liquidity-injections.

  164. “China Cuts Interest Rates to Lower Financing Costs,” China Daily, November 22, 2014, www.chinadaily.com.cn/business/2014-11/22/content_18958698.htm.

  165. Kevin Yao and Pete Sweeney, “China’s 2014 Economic Growth Misses Target, Hits 24-Year Low,” Reuters, January 19, 2015, www.reuters.com/article/us-china-economy-idUSKBN0KT04920150120.

  166. Liyan Chen, Ryan Mac, and Brian Solomon, “Alibaba Claims Title For Largest Global IPO Ever With Extra Share Sales,” Forbes, September 22, 2014, www.forbes.com/sites/ryanmac/2014/09/22/alibaba-claims-title-for-largest-global-ipo-ever-with-extra-share-sales/#6055386c8dcc.

  167. Fion Li, “Yuan Drops to Lowest Since July on Trade Data, Swap-Rate Surge,” Bloomberg, December 8, 2014, www.bloomberg.com/news/articles/2014-12-09/yuan-drops-to-lowest-since-july-on-trade-data-swap-rate-surge.

  168. Operation Twist: the Fed’s program of selling short-term bonds in order to buy long-term ones; an older form of QE that reduces rates for longer-term bonds; named after the 1960s dance the Twist.

  169. Jianguang Shen, China’s New Monetary Policy Framework (Hong Kong: Mizuho Securities Asia, November 2014), 5, http://research.mizuho-sc.com/mizuhoapp/newDownloadAuth.do?T=EQ&TM=mail&R=ys4YXyeYFAvsw2U8TOJJog%3D%3D&RND=141653822295.

  170. An Lu, “Xi Attends Russia’s V-Day Parade, Marking Shared Victory with Putin,” Xinhuanet, May 9, 2015, http://news.xinhuanet.com/english/2015-05/09/c_134224722.htm.

  171. “New Development Bank Appoints 4 New Vice Presidents, Allocates Roles,” Economic Times, November 26, 2015, http://articles.economictimes.indiatimes.com/2015-11-26/news/68582359_1_world-bank-new-development-bank-human-resources.

  172. Katie Allen, “Why Is China’s Stock Market in Crisis?” Guardian (Manchester), July 8, 2015, www.theguardian.com/business/2015/jul/08/china-stock-market-crisis-explained.

  173. “What Does China’s Stock Market Crash Tell Us?” BBC News, July 22, 2015, www.bbc.com/news/business-33540763.

  174. “IMF’s Executive Board Completes Review of SDR Basket, Includes Chinese Renminbi” (press release), International Monetary Fund, November 30, 2015, www.imf.org/external/np/sec/pr/2015/pr15540.htm.

  175. “The People’s Bank of China and the Central Bank of the Russian Federation Signed the Memorandum of Understanding on Cooperation” (press release), People’s Bank of China, December 17, 2015, www.pbc.gov.cn/english/130721/2990563/index.html.

  176. Keith Bradsher, “China’s Renminbi Declines After Being Named a Global Currency, Posing Challenges,” New York Times, December 18, 2015, www.nytimes.com/2015/12/19/business/dealbook/chinas-renminbi-declines-after-being-named-a-global-currency-posing-challenges.html.

  177. Keith Bradsher and Amie Tsang, “Stock Markets Shudder After Chinese Stock Plunge Forces a Trading Halt,” New York Times, January 6, 2016, www.nytimes.com/2016/01/08/business/dealbook/china-shanghai-stocks-fall.html?_r=0; “China’s Stockmarket Crashes—Again,” Economist, January 4, 2016, www.economist.com/news/business-and-finance/21685146-chinas-stocks-and-currency-start-2016-big-tumbles-chinas-stockmarket.

  178. “Yuan Drops Most Since August, Losses Mount in Extended Trading,” Bloomberg, January 3, 2016, www.bloomberg.com/news/articles/2016-01-04/offshore-yuan-falls-most-since-august-as-pboc-seen-allowing-drop.

  179. “Commentary: RMB Devaluation Warrants No Currency War,” Xinhua News, August 12, 2015, http://news.xinhuanet.com/english/2015-08/12/c_134508481.htm.

  180. “The Central Parity of RMB against US Dollar Became More Market-based in 2015,” People’s Bank of China, January 7, 2016, www.pbc.gov.cn/english/130721/3002189/index.html.

  181. Sophia Yan, “China Slowdown Not as Bad as Feared,” CNN Money, July 15, 2016, http://money.cnn.com/2016/07/14/news/economy/china-gdp/.

  182. Patrick McGee, “PBoC Holds Fix Steady,” Financial Times, January 11, 2016, www.ft.com/fastft/2016/01/12/pboc-holds-fix-steady/.

  183. Ma Jun, “RMB Exchange Rate Formation Mechanism Will Be More Reference to a Basket of Currencies,” the People’s Bank of China, November 1, 2016, http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/3003537/index.html.

  184. “Subdued Demand, Diminished Prospects,” World Economic Outlook Update, January 19, 2016, www.imf.org/external/pubs/ft/weo/2016/update/01/pdf/0116.pdf.

  185. Ben Chu, “Davos: Chinese Regulator Denies Devaluation of the RMB Is Being Used to Boost Exports,” Independent (London), January 21, 2016, www.independent.co.uk/news/business/news/davos-chinese-regulator-denies-devaluation-of-the-rmb-is-being-used-to-boost-exports-a6825021.html.

  186. Agence France-Presse, “China Accuses George Soros of ‘Declaring War’ on Yuan,” Guardian (Manchester), January 27, 2016, www.t
heguardian.com/business/2016/jan/27/china-accuses-george-soros-of-declaring-war-on-yuan.

  187. Chuck Mikolajczak, “Wall St. Declines on Tech Selloff, North Korea Concern,” Reuters, September 25, 2017, https://www.reuters.com/article/us-usa-stocks/wall-st-falls-on-north-korea-warnings-tech-selloff-idUSKCN1C01FI.

  188. “Li Keqiang Holds Telephone Talks with IMF Managing Director Christine Lagarde at Request,” Ministry of Foreign Affairs of the People’s Republic of China, January 28, 2016, www.fmprc.gov.cn/mfa_eng/zxxx_662805/t1336812.shtml.

  189. Samuel Shen and Pete Sweeney, “China Shares Rally, but Biggest Monthly Drop in Seven Years,” Reuters, January 26, 2016, http://uk.reuters.com/article/us-china-markets-idUKKCN0V40J2.

  190. Sam Forgione, “Dollar Tumbles as Dudley Comments, US Data Suggest Dovish Fed,” Reuters, February 2, 2016, www.reuters.com/article/us-global-forex-idUSKCN0VC003.

  191. “China Central Bank to Inject $91 Billion to Ease Liquidity Strains,” Reuters, January 19, 2016, www.reuters.com/article/us-china-economy-liquidity-idUSKCN0UX1AT.

  192. “China Eyes PBOC’s Zhang as Next IMF Deputy, Caixin Reports,” Bloomberg, May 19, 2016, www.bloomberg.com/news/articles/2016-05-20/china-eyes-pboc-veteran-zhang-as-next-imf-deputy-caixin-reports.

  193. “China’s Yuan Hits Five-Year Low as Brexit Fears Roil Global Currency Markets,” Reuters, June 14, 2016, http://uk.reuters.com/article/us-china-yuan-idUSKCN0Z1065.

  194. Larry Luxner, “China Overtakes West in Development Funding to Latin America,” Tico Times (San José), February 25, 2016, www.ticotimes.net/2016/02/25/china-overtakes-west-development-funding-latin-america.

  195. “Chineses vão construir e operar o Porto Sul e a Fiol,” UOL, March 8, 2016, updated March 9, 2016, http://atarde.uol.com.br/economia/noticias/1751003-chineses-vao-construir-e-operar-o-porto-sul-e-a-fiol.

  196. Author’s note: I traveled between Beijing and Shanghai on the impressive, fast, and green railway.

  197. “India Signs First Loan Agreement with New Development Bank for US$ 350 Million for Development and Upgradation of Major District Roads Project in Madhya Pradesh” (press release), Press Information Bureau, Government of India, Ministry of Finance, March 30, 2017, http://pib.nic.in/newsite/PrintRelease.aspx?relid=160253.