“Twin Surpluses”—–a Unique Product of China’s Participation in Globalization

YU PeiweiI( 于培伟 ) and HE Yadong2( 何亚东 )
Editorial note:

China’s official foreign exchange reserve has exceeded US$1 trillion. What are the implications of such high foreign exchange reserves on China? What is the relationship between trade imbalance and trade friction? Can a change in RMB exchange rate really affect the world’s trade balance?This article attempts to answer these questions.

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