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A 21st-Century Bretton Woods? Global financial summit hinges on China playing a role once taken by U.S.

Published online by Cambridge University Press:  07 May 2025

Sebastian Mallaby
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As international pressures build to create a new international financial and currency order in the wake of the most severe global crisis since the 1930s, interest—and fantasy—center not only on the critical role of the United States but equally on China. China is now in the spotlight not only because of its position as a rising economic power, not only because of its vast financial currency reserves in the range of $2 trillion, but also because of currency strategies that align the yen to the dollar to keep its value low in order to maximize exports. Here Sebastian Mallaby looks back and forward to envisage a new financial order that would place China at the center. Japan Focus

Type
Research Article
Information
Asia-Pacific Journal , Volume 6 , Issue 11 , November 2008 , e2
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Creative Common License - CCCreative Common License - BYCreative Common License - NCCreative Common License - ND
This is an Open Access article, distributed under the terms of the Creative Commons Attribution-NonCommercial-No Derivatives licence (http://creativecommons.org/licenses/by-nc-nd/4.0/), which permits non-commercial re-use, distribution, and reproduction in any medium, provided the original work is unaltered and is properly cited. The written permission of Cambridge University Press must be obtained for commercial re-use or in order to create a derivative work.
Copyright
Copyright © The Authors 2008