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Strategic Adjustment and the Rise of ChinaPower and Politics in East Asia$
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Robert S. Ross

Print publication date: 2017

Print ISBN-13: 9781501709180

Published to Cornell Scholarship Online: January 2018

DOI: 10.7591/cornell/9781501709180.001.0001

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Perception, Misperception, and Sensitivity

Perception, Misperception, and Sensitivity

Chinese Economic Power and Preferences after the 2008 Financial Crisis

Chapter:
(p.69) Chapter 3 Perception, Misperception, and Sensitivity
Source:
Strategic Adjustment and the Rise of China
Author(s):

Daniel W. Drezner

Publisher:
Cornell University Press
DOI:10.7591/cornell/9781501709180.003.0004

This chapter analyzes the impact of the rise of the Chinese economy on the international economic structure. While looking at the rapid growth of the Chinese economy, analysis reveals that China has yet to challenge the United States as the anchor of the global financial system: the renminbi remains negligible in international financial transactions. Indeed, since the 2007–8 global financial crisis, the U.S. dollar has expanded its importance relative to the renminbi in global finance. The chapter suggests that the renminbi is far from becoming a significant international reserve currency and that the United States will continue to dominate the regional financial order. In trade relations, however, the chapter establishes the significant importance of the Chinese market for economies throughout East Asia.

Keywords:   Chinese economy, United States, global financial system, international economic structure, financial crisis, East Asia, global finance, renminbi

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